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Trustly closes acquisition of Ecospend – becoming the leading Open Banking payments company in the UK

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Trustly, the global payments platform for digital account-to-account (A2A) transactions announced the closing of the acquisition of UK-based Open Banking payments platform Ecospend, following FCA approval. Trustly and Ecospend together become the leading Open Banking payments company in the UK, featuring connectivity with over 80 banks and a consumer reach of approximately 50 million consumers.

The UK is one of Europe’s most rapidly growing A2A markets and a core growth market for Trustly. Ecospend’s strong UK Payment Initiation Services and Data Services, such as affordability and identity verification solutions, coupled with full UK bank connectivity, make it a strategic fit with Trustly’s collection capabilities and cross-border reach. The combined entity is well-positioned to deliver a compelling product in the UK, accelerating its expansion in the market, as well as in the rest of Europe.

Together, Trustly and Ecospend capabilities will feature:

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  • Market leading bank connectivity with +80 banks in the UK
  • Extensive consumer reach with +50 million consumers in the UK
  • Strong payments volume of over £7.5 bn in the UK for 2022

Many of Trustly’s UK customers are already benefiting from the partnership and the use of Ecospend’s Open Banking technology solutions.

“We are very excited that we have now officially closed the acquisition. This is an important milestone and is fully in line with Trustly’s ambitious target to be the game-changing market leader in the UK. We can’t wait to continue our expansion journey as a collective team, bringing best-in-class Open Banking solutions to both consumers and merchants”, Johan Tjärnberg, Group CEO of Trustly, comments.

Ecospend, founded in 2017, is an FCA regulated pay-by-bank payments provider powering the next generation of payments and financial data services. Ecospend serves clients in a range of industries. The company holds a key contract with the tax authority of the UK government, HMRC.

“The UK is the largest digital payments market in Europe and represents a huge opportunity for us. We have seen an incredible appetite from both consumers and businesses to embrace Open Banking and the simple and secure payments that it enables. Trustly and Ecospend will be able to excel in this space with the most comprehensive and compelling solution on the market”, says James Hickman, Chief Commercial Officer at Ecospend.

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VGCCC Continues Crackdown on Underage Gambling

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Following the successful prosecution of the Peninsula Club in Dromana, Victorian Gambling and Casino Control Commission (VGCCC) CEO Annette Kimmitt AM reiterated the regulator would continue to crack down on venues that allow children to enter poker machine areas.

The Magistrates’ Court of Victoria fined Victorian Amateur Turf Club, the venue owner, $7000 for 2 breaches of the Gambling Regulation Act 2003 (Vic) and ordered it to pay VGCCC costs of $3500. No conviction was recorded.

Ms Kimmitt said: “This is a warning to every venue. The onus is on you to ensure that children cannot and do not enter the gambling area or participate in any gambling activity, even if they’re with an adult.

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“Equally, staff must be adequately trained and present in the gambling area to supervise while machines are in use.

“Research tells us that people who begin gambling at a young age are at greater risk of developing gambling problems as an adult.

“The rules exist to protect children from exposure to, and harm from, gambling.”

On 10 June 2023, a child entered the gambling area of the Peninsula Club twice and was able to use the poker machines on both occasions. During the second visit to the area, while with adults, the child used a poker machine for about 5 minutes, until staff intervened.

Magistrate Ayres considered the venue’s self-reporting, its lack of prior convictions, early plea and remediations implemented to reduce the chance of future offending.

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AskGamblers Surpasses 700,000 Registered Members

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AskGamblers hits a new milestone by surpassing 700,000 registered members on the website. Since 2006, AskGamblers provides accurate and reliable information on online casinos, sportsbooks, bonuses and more, with the motto Get the Truth. Then Play.

The website has grown, but not only in numbers. In 2024, AskGamblers introduced a comprehensive sports betting section where users can access sportsbook reviews, live scores, odds calculators and find exclusive deals.

Additionally, AskGamblers hosts the annual AskGamblers Awards, a prestigious event where players can nominate and vote for their favourites in four categories: Best Casino, Best New Casino, Best New Slot and Best Sportsbook, but six additional industry awards are handed out during the gala ceremony.

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Dijana Radunović, General Manager at AskGamblers, said: “Reaching the milestone of 700,000 registered players is remarkable. It’s great to see new players coming in daily, but the fact that they remain active is what’s truly special!”

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Formula 1 Appoints ALT Sports Data as Official Betting Data Supplier

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Formula 1 have announced that ALT Sports Data has joined the sport as Official Betting Data Supplier to drive engagement and growth in the Formula 1 betting ecosystem.

The partnership will see the San Diego-based company – a leader in trading and consumer data for action and emerging sports – drive responsible and regulated sports betting on F1.

ALT Sports Data will develop betting-focused real-time predictive analytics for Formula 1, as well as proprietary data and priced odds solutions for the wagering industry, enabling fans to bet on new and exciting markets knowing that the data that sits behind the betting system is accurate, consistent and ratified.

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This marks a significant milestone in the evolution of Formula 1 betting, expanding market opportunities and offering fans new ways to interact with the sport’s high-speed action.

Emily Prazer, Chief Commercial Officer at Formula 1, said: “Sports betting is an increasingly important part of the global fan experience, and Formula 1 is committed to delivering new and entertaining ways for our audiences to engage with the sport.

“We are delighted to partner with ALT Sports Data, whose expertise in bespoke sports betting markets and analytics makes them the perfect partner to help us drive forward in this exciting new chapter.”

Todd Ballard, Co-Founder and Chief Marketing Officer of ALT Sports Data, added: “Formula 1 is one of the biggest and most prestigious global sports brands, captivating a large and passionate fanbase of 750 million people worldwide.

“It has an unmatched combination of speed, strategy, and innovation, so we are thrilled to reimagine the sports betting experience for both Formula 1 fans and sports bettors alike by leveraging our industry-leading capabilities in pricing, live markets, and micro-market solutions. Our goal is to create deeper engagement, enhance the live race experience, and drive meaningful connections between Formula 1 and its dedicated global audience.”

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