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Coinone faces online gambling charges

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Coinone, the third largest cryptocurrency exchange in South Korea, has found itself in the eye of an online gambling storm. The CEO and two of executives of are facing charges by the South Korean police for facilitating illegal online gambling through its margin trading operation.

The charges were made after a thorough ten-month investigation, which also investigated the role of 20 of the exchange’s traders South Korea’s Cybercrime Investigation Unit of the Southern Provincial Police Department conducted the investigation. Police are recommending prosecutors charge the traders with “gambling illegally,” which is a crime in South Korea under Chapter 23 of the Criminal Act.

Margin trading refers to the practice trading a financial asset on credit. Its attraction to traders lies in the fact that added financial leverage can increase gains, but it can also leave them with disastrous losses.

Risky Business

As such, margin trading in the US, for example, is heavily regulated by bodies like the Federal Reserve Board, the New York Stock Exchange, and the Financial Industry Regulatory Authority.

But in Coinone’s case, the lack of regulation surrounding digital currency trading has landed it in hot water.

According to a police statement, Coinone’s margin trading product was “based on gambling because it did not have permission from the authorities.” Police also suggested that it could potentially be used for the laundering of criminal proceeds.

Fountain of financial knowledge Investopedia notes that margin trading is “risky” and so is “best left to sophisticated traders and high-net worth investors who are conversant with its risks.”

“The average investor will be better off investing for the long term in a cash account, rather than trading for the short-term in a margin account,” it advises.

Millions Traded

Coinone provided users with up to four times their initial deposit and took a commission on transactions. The investigation concluded that some 19,000 traders had used the platform between its launch in late 2016 and its closure by police last December.

These were predominantly people aged between 20 and 50, who were largely either unemployed, office workers, or self-employed, police said.

The investigation focused on the 20 users because of the high-volume of their trades, which collectively amounted to more than 3 billion won ($2.78 million).

A spokesperson for Coinone told Yonhap that the company did not believe the operation was illegal because it did not charge interest on loans. The product was vetted by lawyers prior to launch, the spokesperson said.

 

Source: Casino.org

Source: European Gaming Media and Events

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NSoft and Casa Pariurilor expand cooperation

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NSoft and Casa Pariurilor expand cooperationReading Time: 2 minutes

 

NSoft, premium betting software provider and Casa Pariurilor, a part of the largest Central European betting operator, have extended their cooperation by agreeing on implementation of NSoft´s In-Play MTS betting solution into Casa Pariurilor’s retail network. The network numbers over 700 shops in Romania, positioning Casa Pariurilor amongst the top three betting companies in this country.

Karlo Kralj, NSoft’s Regional Sales Agent announces: “I am delighted to confirm the continuation of excellent cooperation with our client Casa Pariurilor. It is one of the oldest and the most respected betting companies on the Romanian market. Casa Pariurilor`s experts have profound understanding of their market and are great in deciphering the players` needs. The partnership with Casa has helped us significantly by providing the essential market-insights and up-to-date knowledge about Romanian market trends.”

The first deal between NSoft and Casa Pariurilor was set in 2014 with the release of NSoft`s most popular product – Lucky Six, a draw-based game, together with Virtual Greyhound Races. Initially, the products were available in retail and afterwards, have extended to the client´s web.

“We have been working with NSoft for 5 years now and our cooperation is a role model of how B2B cooperation should look like. You know, you can buy a betting software anywhere, but the people make the difference. We witnessed the NSoft`s trustworthiness and reliability with excellent 24/7 support and great turnkey betting solution, thus the decision to use the advantages of NSoft`s Seven Betting Platform and its In-Play MTS solution in our retail network was a logical step forward,” concluded Lewis Findlay, General Manager Romania, Fortuna Entertainment Group.

NSoft`s Sportsbook solution driven by Betradar data provides clients with an extensive offer of up to 25,000 live events per month across 20+ sports. It is highly customizable sports betting platform requiring zero initial costs.

In addition, NSoft’s Seven Platform allows distribution of In-Play and Pre-Match offer through all available channels: retail, terminal, web, and mobile.

Source: Latest News at European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: NSoft and Casa Pariurilor expand cooperation

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Week 8 slot games releases

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Week 8/2019 slot games releasesReading Time: 3 minutes

 

Sit back, relax and check out this week’s latest slots releases!

 

First up it’s Wazdan‘s new game title, Space Gem – an intergalactic journey packed with colourful gems for collecting and cosmic prizes to be won, ready to inject a blast of colour to the middle of winter. Showcased earlier this month at ICE London 2019, Space Gem takes players on a ride through the galaxy, with the mission to collect colourful gems and access rich-space bounties with Expanding Wild symbol and Re-spins for a hyper engaging player experience.

Wazdan's Cosmic Slot Space Gem

 

Pariplay has released Zombies Gone Wildan original online video slot inspired by pop culture’s deep-rooted fascination with the living dead. Engaging characters, an atmospheric soundtrack and an array of exciting gameplay features, will have players of all experience players feeling like they are part of humanity’s last stand for survival. Pariplay’s Zombies Gone Wild features 50 lines that pay both ways for even bigger rewards as well as a collection of wilds, free spins and jackpots.

 Pariplay’s New Zombies Gone Wild Video Slot

 

NetEnt merges magic and mystery in it’s latest slot title Golden Grimoire! Moments of magic await in the 5-reel, 4-row, 20-fixed lines video slot, where symbols are transformed and can cover the whole row in winning combinations, thanks to a theme based around the Golden Grimoire, a powerful book of spells, sorcery and symbol transformation.

NetEnt - Golden Grimoire

 

Pragmatic Play, is whisking players away to the African savannah in its latest video slot Safari King. The 4×5, 50 payline game packs the reels with excitement, featuring elephants, zebras and rhinos as well as immersive sound design. Melissa Summerfield, Chief Commercial Officer at Pragmatic Play, said: “Players are sure to love the roar of Safari King, an excellent addition to our range of games bearing all the hallmarks of our flair for game design. Excellent central mechanics are combined with an engaging theme to create one of our most exciting products yet.”

 Pragmatic Play’s Latest Release: Safari King

 

Yggdrasil Gaming has released its heroic new slot, Champions of Rome, where mighty gladiators face off on the reels. Jonas Strandman, Head of Slots at Yggdrasil, said: “Champions of Rome is a visually impressive game where players are in control of how much they want to risk. Seasoned slot warriors can satisfy their thirst for adrenaline by choosing to risk it all, while more casual players can make a more conservative choice with guaranteed winnings.”

Yggdrasil - Champions of Rome

 

We finish this roundup with Microgaming, who has signed a long-term supplier agreement with game development studio, Crazy Tooth. The first game of the partnership is Arctic Valor™, a riveting new six-reel, 4,096 ways online slot. Crazy Tooth Studio® developed this exclusively for Microgaming. The new game involves fierce Valkyries and has a mythological background. David Reynolds, Games Publisher at Microgaming, added: “Arctic Valor provides a visually stunning journey into a land of ice and snow, complete with a fantastically vibrant, Norse-tinged atmosphere.“

Microgaming - Arctic Valor

Source: Latest News at European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Week 8 slot games releases

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UK Gambling Commission mulls banning credit card for gambling transactions

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UK Gambling Commission mulls banning credit card for gambling transactionsReading Time: 1 minute

 

The UK Gambling Commission is considering a ban on credit cards for gambling-related transactions. The commission has invited recommendations and suggestions from the members of the public, gambling businesses and other stakeholders.

Paul Hope, an executive director at the Gambling Commission, said: “We are exploring measures that could help reduce the risk of harm to consumers who use their credit cards to gamble online, and to those who play on all Category B machines. We want consumers, gambling firms and other interested parties to have their say and provide evidence that will help us make gambling safer.”

UKGC has already agreed in principle that consumers should not gamble with money they do not have. Gambling with borrowed money is already well-established as a risk factor for harmful gambling.

Now it is seeking meaningful input to help determine if restrictions—potentially including an outright ban—are necessary to limit risks to consumers.

The other call for evidence gives an opportunity for gambling businesses to outline how they will meet the challenges set out in the UK Government’s Review of Gaming Machines and Social Responsibility Measures over the protections for players using FOBTs.

Source: Latest News at European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: UK Gambling Commission mulls banning credit card for gambling transactions

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