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Dutch Gambling Regulator Clarifies Role in Cryptocurrency Regulation

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Cryptocurrency-Regulation Dutch Gambling Regulator Clarifies Role in Cryptocurrency Regulation

The Dutch Gaming Authority, Kansspelautoriteit, said in a Friday statement that cryptocurrency investment regulation does not fall under its purview.

 

The gambling regulator also revealed that it had conducted extensive research to determine the essence of investing in cryptocurrencies, of the virtual currencies themselves, and of the technology that powers them.

The results of its research showed that investing in bitcoin and other existing cryptocurrencies cannot be considered a gambling activity under the Netherlands’ current gambling laws. The regulator further clarified that under current regulations, a game of chance involves an activity in which a person is competing for prizes and the outcome of that person’s participation in said activity depends strongly on chance. In addition to this, a person cannot have “a dominant influence” over the outcome of the activity.

Kansspelautoriteit’s stance on the matter came shortly after the Netherlands Authority for the Financial Markets’ (AMF) latest warning in relation to the growing popularity of cryptocurrencies, investing in these, and, particularly, the risks Initial Coin Offerings (ICOs) present to cryptocurrency investors.

Cryptocurrency Concerns and Fears

Last year, the AMF issued a series of warnings and recommendations to cryptocurrency investors, the most recent of which came in November, when the financial markets watchdog warned of the risks ICOs could be hiding.

The AMF warned Dutch citizens, who planned to invest in ICOs, that the issue of digital tokens could be particularly vulnerable to fraud and manipulation. The regulator further pointed out that while it acknowledged the potential behind ICOs, it was suspicious of the way digital tokens are currently issued.

According to the AMF, the anonymous character of blockchain, the technology that powers bitcoin and other cryptocurrencies, creates an environment in which fraudsters could thrive. Merel van Vroonhoven, Chairman of the financial watchdog, has previously pointed out that the high risk of fraud and loss of deposits, combined with the hype created by ICOs, could be a “dangerous cocktail”.

Last summer, the AMF issued a warning of the general risks that virtual currencies hide. Here it is important to note that, under current regulations, the financial watchdog does not have the power to regulate cryptocurrency investing.
The AMF warned of the risk of a financial bubble, after the price of bitcoin and a number of other virtual currencies increased exponentially over a very short period of time. The regulator said it believed that even a very small event, such as negative a piece of negative news, could burst the cryptocurrency bubble any time.

Bitcoin investors suffered quite a shock this past holiday season when the currency’s price plunged below $13,000 only days after it had rocketed to an all-time high of over $19,500. At time of writing, the virtual currency’s price stands at $13,746.


Source: European Gaming News…

The post Dutch Gambling Regulator Clarifies Role in Cryptocurrency Regulation appeared first on Eastern European Gaming – News – Interviews – Legal Market Updates – Premium Reports – Events – Directory.


Source: EEGaming

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Phil Silver honoured by MPs for contributions to social responsibility

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Phil Silver honoured by MPs for contributions to social responsibilityReading Time: 2 minutes

Conservative Party MPs Sir Peter Bottomley and Rt Hon Nick Herbert attended a presentation to honour former Bacta Compliance Officer, Phil Silver and to mark his contribution to the development of a social responsibility culture in Britain’s adult gaming centres, seaside arcades and bingo clubs. Phil Silver received the Bacta Community Award at the presentation hosted by Esther O’Neill and Sarah Clarke of Worthing based Connaught Leisure.

Highlighting his work with social responsibility organisations including GamCare, the national provider of information and support for anyone affected by problem gambling and the Gordon Moody Association, the first charity in the UK dedicated to providing residential treatment to help problem gamblers, Bacta National President Gabi Stergides said: “In a career with Bacta spanning three decades Phil Silver has made what I would argue is the single biggest contribution to social responsibility in the low stake gaming industry. Thanks in no small part to Phil, Bacta was the first gaming industry body to work in partnership with GamCare and his contributions as a Trustee of the Gordon Moody Association have been invaluable. In his role as Bacta’s Compliance Officer he has assisted members implement the social responsibility commitments that are a requirement of being part of the trade association. His contribution to the development of an industry that upholds the highest standards of social responsibility cannot be underestimated.

Commenting on the industry recognition, Phil Silver said: “I am delighted to receive this award which marks the end of my long career with Bacta. Members of the trade association understand that it’s not enough to simply support social responsibility and customer protection, businesses have to demonstrate it. We have undertaken some pioneering work and I’m extremely proud that I was able to make a small contribution to the massive issue of social responsibility in gaming.

Reflecting on the presentation Bacta chief executive, John White said: “It was extremely generous of Nick Herbert and his fellow Sussex MP, Sir Peter Bottomley, to present Bacta’s Community Award to Phil Silver. Their attendance acknowledged Phil’s contribution to the amusement machine industry over a thirty year career and his support for problem and at risk gamblers via charities Gamcare and the Gordon Moody Association. I would personally like to thank Nick and Sir Peter for taking time out of their busy schedules in order to present this Award and to Esther and Sarah for hosting us at Connaught Leisure, the business that was created by the late Pat O’Neill who was a great friend to so many Bacta members. The presentation reflected the great importance that Bacta and its members place on social responsibility.

 

About bacta:
Bacta represents the amusement and gaming machine industry in the UK, encompassing high-tech and creative manufacturers, machine suppliers for pubs, clubs and bingo halls, as well as operators of Family Entertainment Centres and over 18s Gaming Centres. Bacta members include the whole of the amusement machine supply chain in the UK, which has a collective turnover of nearly £2bn across more than 500 companies, operating in excess of 310,000 machines.


Source: EuropeanGaming.eu

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NetEnt’s Mega Fortune™ strikes again after lucky player wins €3.7m jackpot

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NetEnt’s Mega Fortune™ strikes again after lucky player wins €3.7m jackpotReading Time: 1 minute

NetEnt, leading provider of digital gaming solutions, has continued its jackpot hot-streak after another lucky player from Sweden dropped a massive win when €3,773,845.27 was collected while playing Mega Fortune™ on LeoVegas casino.

 

May 25th, 2018 – The winner from Sweden had staked just €4.80 before going on to take the €3.7m jackpot on NetEnt’s popular jackpot game Mega Fortune™ in early May.

This latest big win showcases that NetEnt continues to lead the way in jackpot games with a massive five millionaire-making jackpots dropping in 2018 alone, paying out an astonishing €19,799,183 so far this year.

Henrik Fagerlund, Chief Product Officer of NetEnt, said:The jackpots just keep on coming and we’re happy to see another player scoop a life-changing amount of money while playing our games.

At NetEnt, we thrive on providing moments like this for operators and players alike, and hope that our good luck continues as we head into the summer.

 

NetEnt AB (publ) is a leading digital entertainment company, providing premium gaming solutions to the world’s most successful online casino operators. Since its inception in 1996, NetEnt has been a true pioneer in driving the market with thrilling games powered by their cutting-edge platform. With innovation at its core, NetEnt is committed to helping customers stay ahead of the competition. NetEnt is listed on Nasdaq Stockholm (NET-B), employs 900 people and has offices in Stockholm, Malta, Kiev, Gothenburg, New Jersey, Krakow and Gibraltar. www.netent.com


Source: EuropeanGaming.eu

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IGT obtains long-term Norsk Tipping bingo supply deal

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IGT obtains long-term Norsk Tipping bingo supply dealReading Time: 1 minute

IGT Global Services will be the provider for Norway’s new online bingo solution in a recent deal made with Norsk Tipping AS.

The new deal comes after an already existing six-year business relationship between IGT and the state operator.
Norsk Tipping’s head of igaming and VLTs, Hans Erland, noted that the new online bingo solution would bring an enhanced digital offering to players and the proceeds would remain in Norway, being donated to support the arts, sport and cultural initiatives.

The contract provides for an online bingo solution in combination with online casino and instant win games. It is a five-year contract and includes provision for three two-year extension, potentially giving an overall 11-year relationship.

Norsk Tipping’s current digital bingo platform was provided by IGT in 2014. Its replacement is built on multi-channel HTML5 for desktop, tablet and mobile and offers 10 game variations.

Declan Harkin, senior vice-president and chief operating officer, international, at IGT, added: “This agreement enables Norsk Tipping, a leader in regulated digital gaming, to strengthen player acquisition and retention through IGT’s new online bingo solution, offered in combination with online casino and instant win games and available seamlessly in a single game window.

 

Source: intergameonline.com


Source: EuropeanGaming.eu

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