iGaming Regulators Clamp Down

Big Fines and Suspensions Worry European iGaming Operators

European igaming regulators have recently been busy issuing record fines and license revocations, pressuring operators to look for reliable partners in technology and compliancy.

Big iGaming Fines and Suspensions Worry European Operators

Running an online casino can be a very profitable business, but it carries significant risks from regulators who are increasingly flexing their muscles by imposing record fines and revoking licenses.  European markets are particularly challenging with the ever-evolving regulatory landscape requiring operators to constantly adapt their products and services to meet the stringent and evolving requirements of the regulatory bodies.

Here are just a few examples from recent months:

  • September, Canada’s Stars Group fined €350,000 by Dutch gaming authority Kansspelautoriteit (KSA) fined for making online poker available to Dutch players on their site - which is considered a game of chance, not skill under Dutch regulations.
  • In August the KSA fined Bwin and their parent company Electraworks Limited €350,0000 for installing Dutch online payment processor iDEAL, making an obvious attempt to target Dutch gamblers directly. 
  • Unibet was also fined €470,000 by KSA in August, for integrating iDEAL and for offering Dutch-language customer service / support - a clear indication of targeting Dutch players directly.
  • In May Swedish regulator Spelinspektionen issued a substantial fine against operator Betway of $521,224 for offering bonuses that didn’t comply with the new regulations that came into force in January 2019.
  • In April the Swedish regulator fined Aspire Global Communications €285,630 for failing to properly integrate “spelpaus” self-exclusion features on its sites after new regulations came into effect this year.  The operator instead relied on a manual process, which gamblers were able to work around.
  • The UKGC has also been active issuing large fines and license suspensions.  In September, white label operator EveryMatrix had its license revoked for currently undisclosed reasons related to their customer interaction framework (AML / KYC)
  • In July the UKGC issued Ladbrokes one of the largest fines ever of £5.9 million penalty for past failings in AML and RG procedures following an exhaustive investigation.

It is clear that the stakes are only getting higher for online gambling businesses, and even established operators may benefit from the expertise of a partner who specialises in compliance with technology that is built according to today’s regulatory standards.

Good partners lower risk

Finnplay is an iGaming technology provider with an open platform allowing easy integration and customisations. We were among the first software providers to implement RG features when we introduced our re-vamped flagship platform product, Titan in January 2019.  We have a proven track record and strong history of compliance on behalf of all the top tier brands we support.  Our extensive experience in Europe’s most actively regulated markets like the UK and Sweden has helped us build our technology stack and services to meet the highest and most current industry standards.

The future remains very bright for the iGaming industry and the increasing regulation is only intended to make the environment safer and more secure for everyone.  Operators can reduce the risk of costly fines or even losing their licenses by integrating technologies and services that adhere to the strictest compliance standards.  As a trusted partner, we strive to help operators minimise the regulatory risks in running their sites while still maximising their performance and profits.

Find out how to ensure the continued security and compliance of your igaming business by contacting Finnplay today https://finnplay.com/contact-us.html

Brian Forth
Marketing Manager

Tags: Gaming, Fines, Compliance, Platform, Brian