Monthly Archives: January 2018

BC casinos implement new anti-money laundering rules

British Columbia’s beleaguered gambling regulator has implemented new anti-money laundering (AML) rules to cut down on dodgy high-roller habits at its land-based casinos.

On Wednesday, the British Columbia Lottery Corporation (BCLC) announced new measures to stem the seemingly endless parade of Asian VIP gamblers walking into provincial casinos with duffel bags full of $20 bills. The regulator is likely also hoping to stem the tsunami of bad press generated by BCLC’s apparent disinterest in performing its regulatory functions.

As of Wednesday, BC casinos will require a source of funds receipt from any gambler looking to buy-in for C$10k (US$8k) or more in one or more transactions within a 24-hour period. The receipt must be dated the same day as the buy-in, and include full account details. BCLC’s AML unit will review these receipts on a daily basis.

BCLC farms out day-to-day management of its gambling operations to Service Providers, who will be required to certify each of these receipts. Failure to provide a receipt or providing “clearly suspicious” information will require Service Providers to reject the buy-in, document the refusal and report the matter to BCLC, which will launch an investigation.

Ireland government seeks independent gambling regulator

Ireland’s gambling industry will be overseen by an independent regulatory body, assuming a new government proposal can meet with legislative approval.

On Wednesday, The Journal reported that Minister of State for Equality, Immigration and Integration David Stanton (pictured) had requested approval from Cabinet for yet another revision to the country’s proposed but never approved Gambling Control Bill.

That 2013 bill proposed setting up a national gambling control office within the Department of Justice, but Stanton is proposing an independent statutory authority be established to oversee all gambling and betting activity in the Republic.

The new regulator would be responsible for overseeing gambling advertising, sports sponsorship, conducting research into gambling activity and controlling a fund to provide treatment for problem gamblers.

Paddy Power Betfair’s new CEO shuffles senior management

UK-listed gambling operator Paddy Power Betfair (PPB) has appointed new CEOs for Europe and Australia, just days after the company’s new group CEO took control.

On Wednesday, PPB announced that it had named Dan Taylor as CEO of its European operations (a newly created role), responsible for both Paddy Power and Betfair brands across all channels and geographies outside the United States. Taylor previously served as managing director of PPB’s UK & Ireland operations, and before that managed Paddy Power’s retail operations.

Barni Evans has been named new CEO of Sportsbet, PPB’s Australian online betting division. Evans transitions from his previous role as Sportsbet’s chief commercial officer and replaces Cormac Barry, who is leaving for a position outside of the gambling industry. Barry has agreed to stay on for the next few months to ensure an orderly transition of power.

Both Taylor and Evans will report to PPB group CEO Peter Jackson (pictured), who officially assumed the comfy corner office on Monday from outgoing CEO Breon Corcoran. Jackson will direct PPB’s operations from Paddy Power’s Dublin HQ.

South Korea probes Coinone crypto exchange’s margin trades

South Korean authorities are investigating the country’s third-largest cryptocurrency exchange for allegedly providing a “gambling service.”

On Wednesday, the Korea JoongAng Daily reported that the Gyeonggi Nambu Provincial Police Agency had launched a probe into the Coinone exchange’s margin trading scheme, in which customers could effectively wager on whether the price of a cryptocurrency would rise or fall.

The police claim that margin trading is gambling by another name due to customers risking money on an outcome determined by chance. Coinone disputes this interpretation, noting that short-selling is common on Korea’s traditional stock exchange platforms, but the police insist that crypto exchanges don’t rise to the same standards.

South Korea keeps an extremely tight lid on its citizens’ ability to gamble. Local residents are allowed to gamble at exactly one of the country’s land-based casinos, and the only other legal options include the lottery, plus limited forms of sports and race wagering.