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Friday, November 2, 2018

Dutch Regulator Fines Online Gambling Operator with Questionable Reputation

Casino News Daily

Dutch Regulator Fines Online Gambling Operator with Questionable Reputation

Dutch Gambling Authority scolds another erring operator for targeting local players

Another online gambling operator has incurred the wrath of Kansspelautoriteit, the regulatory body charged with monitoring the Netherlands’ gambling market. In a statement from earlier today, the regulator announced that it has imposed a €350,000 fine on Curaçao-licensed CyberRock Entertainment NV and Cyprus-based Honeydew Trading Limited for targeting Dutch gambling customers without being authorized to do so.

As mentioned earlier, CyberRock Entertainment is licensed in Curaçao. The company provides online gaming services across multiple jurisdictions and via multiple brands. CyberRock Entertainment is listed as the sole shareholder in Honeydew, an online gambling company based in Nicosia, Cyprus. It is important to note that many of the gaming websites operated by CyberRock and its affiliate have been blacklisted or issued warnings by major online casino review websites after complaints from players over predatory behavior and inadequate response to issues.

Kansspelautoriteit said today that the two companies, through their multiple brands and most prominently through the Play2Win and Supreme Play casinos, have been targeting Dutch players, even though the provision of remote gambling services is illegal under current Dutch laws.

CyberRock and Honeydew have not been the first gambling operators to have been slapped hefty fines by the regulator over the past few months. Malta-based companies Betsson and MRG (parent company of Mr Green) have been among those penalized by Kansspelautoriteit for providing unlicensed gambling services. Betsson received a €300,000 fine in August, while Mr Green was fined €312,000 in mid-September.

Many Dutch Players Unaware of Legal Status of Online Gambling in the Netherlands

Commenting on the latest regulatory action against remote gambling operations, René Jansen, Chairman of Kansspelautoriteit’s Board of Directors, said that there are many Dutch people who do not know that online gambling is currently illegal in the country. As a result, they are gambling on unregulated websites, which exposes them to fraud and other related crimes. In addition, gambling on such websites makes it hard for Kansspelautoriteit and other competent bodies to monitor and assist vulnerable people, the regulator added.

The Dutch Gambling Authority has been extremely critical of the delayed re-regulation of the country’s gambling market. The so-called Remote Gambling Bill has been stuck in the Parliament for quite a while and it has been only this year that the Dutch Senate has begun discussions that are hoped to lead to its eventual passage. The piece of legislation was passed by the Lower House in the summer of 2016.

According to previous comments by Dutch lawmakers, the bill was expected to be passed and enforced by mid-2019. However, Dutch State Secretary Menno Snel has recently said that the new gambling law is likely to take effect in mid-2020. Mr. Snel made the prognosis as part of his responses to parliamentary questions related to the planned implementation of a higher tax on land-based gambling services. The new tax is, too, expected to take effect in mid-2020.

The post Dutch Regulator Fines Online Gambling Operator with Questionable Reputation appeared first on Casino News Daily.

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Posted by Editorial Team on 6:03 AM in

Thursday, November 1, 2018

Macau GGR sees small uptick in October, but not what was expected

Casino – CalvinAyre.com

Macau GGR sees small uptick in October, but not what was expected

Macau’s gross gaming revenue (GGR) for October saw a little improvement over the same period last year. The GGR for the month Macau GGR sees small uptick in October, but not what was expected increased by 2.6% year-on-year to $3.4 billion, but this was less than the 2.8% seen in September. September was a particularly difficult month, as Macau had to confront Typhoon Mangkhut. The October numbers fell below previous analysts’ forecasts, which had expected a growth rate of 3.5%. On a positive note, overall GGR for the year has increased by 14.3%.

There are several factors that have to be taken into account as possible contributors to the slow growth. Union Gaming’s Grant Govertsen points out that China’s President Xi Jinping recently visited Macau for the inauguration of the bridge that connect Hong Kong, Zhuhai and Macau. He emphasizes, “Any time a high ranking official visits the region it has an impact on Macau.”

Govertsen also notes the long holiday period that occurred in September. Because many travelers had taken off extra time that month, they weren’t able to take more time in October. Govertsen explains, “As such, we believe it is likely that Macau missed out on some number of trips that ordinarily would have come to Macau during early October.”

The analyst also states, “Historically, holiday periods like October’s Golden Week and Chinese New Year were massive VIP-centric months with notable GGR swings. However, with VIP never having accounted for a lower mix of GGR than today (we estimate only 45% in 3Q18), the traditional holiday volatility is receding and should continue to recede, especially with VIP under-performing mass market for the time being. With this in mind, and considering that VIP last year not only represented a greater mix of GGR but was also growing faster than mass, this resulted in a particularly tough situation beyond the headline +22% comp.”

There is another reason the decline may have happened, which could be in conjunction with Govertsen’s analysis. The drop could also be a result of downward pressure that is effecting the economy. That pressure is a result of the ongoing trade war between the U.S. and China, and the announcement marks the first time the government has acknowledged that the trade war is having a negative impact.

However, any impact should only be temporary. Govertsen said that Union Gaming expects a growth rate of 8% for November, with overall fourth-quarter growth of 7%. 2019 could see “mid/high single digits.”

The post Macau GGR sees small uptick in October, but not what was expected appeared first on CalvinAyre.com.

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Posted by Editorial Team on 11:54 PM in