Compliance Updates
LL Lucky Games AB completes acquisition of ReelNRG for SEK 8.25 million and adds 46 new games and important licenses in both the UK and Malta
Following the completion of due diligence, LL Lucky Games AB can announce that the acquisition of ReelNRG is being completed as previously communicated.
The parties have agreed that the purchase price of SEK 8,250,000 will consist of 2,500,000 shares in an issue at share price of 3.30 SEK. This should be seen in relation to the total number of shares outstanding of the company as of today amounting to 48,866,506, which represents a dilution of approximately 5%.
ReelNRG will continue to operate independently, however, LL Lucky Games AB (publ) sees synergies in the form of cross-selling, cost optimisation and the possibility of sharing technology and licenses in the future. The business will be taken over as of the 27th May 2022.
Speaking on the acquisition Mads V. Jørgensen, CEO of LL Lucky Games, said: “This is a big step for Lucky Games where we consolidate our position as a truly independent gaming studio focused on the regulated markets. With another strategic acquisition, we are generating additional turnover through new revenue opportunities which will lead to the development of our profitability.
“The acquisition of ReelNRG secures key customer integrations and licenses and adds new casino games to our already strong product portfolio, along with our new development team in India. We are very excited and proud of the acquisition, and it is an honour to welcome them to Lucky Games”.
ReelNRG is a London-based game studio group and currently employs nine people including eight developers based in India. With its own development studio in Hyderabad, India.
The studio has developed and built its own technology and established strong distribution in the UK and other regulated markets under UKGC, MGA and Gibraltar licenses. Currently, ReelNRG’s portfolio consists of 46 games and over 30 integrations.
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AB Svenska Spel
Spelinspektionen Launches Supervision of AB Svenska Spel’s Gaming Venues
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The Swedish Gambling Authority has launched supervision of AB Svenska Spel’s gaming venues. The supervision covers turnover and the placement of slot machines.
This is the latest step in Spelinspektionen’s push to keep Sweden’s gambling sector in check and make sure companies meet the standards laid out in the Swedish Gambling Act.
When the review is complete, Spelinspektionen will publish the results.
The post Spelinspektionen Launches Supervision of AB Svenska Spel’s Gaming Venues appeared first on European Gaming Industry News.
Compliance Updates
Turkish Football Federation Suspends 149 Referees and Assistants After Betting Probe
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The Turkish Football Federation (TFF) has suspended 149 referees and assistant referees after an investigation found hundreds of professional match officials in the country had betting accounts.
Bans ranging from eight to 12 months, based on the severity of the act, have been imposed for involvement in betting activity, with investigations into three other officials still ongoing.
The full list of the penalised officials was published on the TFF website.
Last week, it was revealed a five-year probe had found 371 of 571 match officials have betting accounts, with 152 of those actively gambling.
While some had only bet once, 42 had bet on more than 1000 football matches – with one official found to have placed 18,227 bets.
Like players and coaches, match officials are forbidden from participating in betting activities by TFF disciplinary regulations, as well as those of world governing body Fifa and European governing body Uefa.
“There is a moral crisis in Turkish football. There is no such thing as structure. The fundamental problem at the core of Turkish football is an ethical one,” TFF president Ibrahim Haciosmanoglu said.
“Ask any referee, if there is even one who has not received his pay, I will resign as federation president. In fact, we improved their salaries last year, and again this year.”
No further details of the cases or ongoing investigations were provided.
After the investigation’s findings were announced, a number of Turkey’s top clubs responded.
Besiktas said it “could mark a new beginning for clean football” while Trabzonspor called the development “an historic opportunity to rebuild justice in Turkish football”.
Fenerbahce president Sadettin Saran said: “This is both shocking and deeply saddening for Turkish football.
“But the fact that it is coming to light is a hopeful development.”
The post Turkish Football Federation Suspends 149 Referees and Assistants After Betting Probe appeared first on European Gaming Industry News.
Compliance Updates
UKGC Suspends Operating Licence of VGC Leeds Limited
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The UK Gambling Commission has suspended the operating licence of VGC Leeds Limited as it carries out a review under section 116 of the Gambling Act 2005.
The review and consequent suspension follow concerns that activities may have been carried out contrary to the Act, not in accordance with conditions of their licence and that the Licensee may be unsuitable to carry on the licensed activities.
During a recent Compliance Assessment, VGC Leeds Limited are reasonably believed to have failed to maintain and implement effective anti-money laundering policies, procedures and controls, as required under the conditions of their licence.
In addition, serious concerns were identified regarding the adequacy of decision-making processes and the Licensee’s response to identified anti-money laundering and counter-terrorist financing risks, raising questions about the overall effectiveness of its governance and risk management arrangements.
These failings are considered significant and represent a serious threat to the licensing objectives, in particular keeping crime out of gambling.
“We have made it clear to the operator that during the suspension, we expect it to focus on treating consumers fairly and keeping them fully informed of any developments which impact them,” UKGC said.
The suspension takes place immediately.
The post UKGC Suspends Operating Licence of VGC Leeds Limited appeared first on European Gaming Industry News.
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