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Archive for March 7th, 2019

888’s BetBright Shuts Down, Voids Bets Ahead Of Cheltenham

Online betting operator BetBright announced its closure just a day after 888 bought it for £15 million, UK Gambling Commission making inquiries

Dublin-headquartered online gambling operator BetBright closed shop for good just a day after it became known that it was purchased by rival 888 Holdings and a week ahead of this year’s Cheltenham Festival.

In a message posted on its official website on Tuesday, BetBright said that it “has ceased offering gambling services to its customers on a permanent basis.” The online betting operator also informed its customers that they would be able to access their accounts for a period of 30 days and advised them to withdraw all their funds from their accounts.

BetBright posted a link to an FAQ section from which it is understood that “all single bets due to settle after the 5th of March at 23:59 pm will be voided” and that unsettled multiple bets “that are due to be settled past 5th March 2019 that have winning legs associated to the bet will be settled as a winning bet, with the remaining unsettled legs voided.” BetBright explained that bets due by March 5, 2019 at 23:59 pm would be handled as normal.

If a customer had an active free bet or bonus on their account after BetBright shut business, the amount has been added to their account as a cash and is withdrawable, the company further noted in the FAQ section.

Cheltenham Bets Voided

BetBright’s closure and its decision to void unsettled bets affects wagers placed on next week’s Cheltenham Festival. This year, Britain’s biggest horse racing event is set to take place on March 12-15. And it should be noted that the festival is the dominant event in the minds of all those who fancy a punt on horses.

Bets made on the winner of the Premier League or the UEFA Champions League, among others, were too affected by BetBright’s decision to shut down its operation.

As mentioned above, Gibraltar-headquartered online gambling group 888 Holdings announced Monday that it has purchased its smaller rival for £15 million. 888 said that it was lured by BetBright’s proprietary sports betting platform as the major online gambling operator is looking to expand across that vertical in a number of new markets, including the recently liberalized sports gambling market of the United States.

It became known after BetBright’s closure that the deal involved 888 buying the technology powering the online betting operation, while its customer base and outstanding liabilities on bets were left to BetBright itself to deal with.

The UK Gambling Commission said Tuesday that it has received a number of complaints regarding BetBright’s decision to void bets and is “making further inquiries.”

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Atlantic Club Casino Hotel Sale Falls Through Once Again

Florida real estate firm TJM Properties will remain the owner of the shuttered Atlantic Club after the latest of a flurry of failed sale deals

Another sale deal for the shuttered Atlantic Club Casino Hotel in Atlantic City has fallen through, local news outlet The Press of Atlantic City reported on Tuesday.

Reports emerged last month that a notice of settlement for the sale of the closed hotel and casino property was filed with Atlantic County. According to the filing, Philadelphia-based investment management firm North American Acquisitions was the buyer of the Boardwalk resort.

A spokesperson for the Atlantic Club’s current owner, Florida-based real estate company TJM Properties, denied the sale reports back then. He told The Press of Atlantic City last month that TJM had spoken with Jeffrey Smolinsky, a Senior Partner at North American Acquisitions, a handful of times but had not heard from him in a few weeks.

Apparently, the owner of the shuttered casino canceled on February 19 the previously submitted notice of settlement that denoted the pending sale of the property. TJM did not respond to requests for comment on the latest developments surrounding the former hotel and casino resort.

The Atlantic Club closed in January 2014 after more than three decades of operations. The property was the first of five Boardwalk hotel and casino resorts to close doors over a two and a half years as a result from growing competition in the region and the city’s weakened economy in the post-Great Recession era.

Another Failed Sale Deal of Many

Caesars Entertainment Corp. and Tropicana Entertainment had purchased the Atlantic Club shortly before it was shuttered. Caesars assumed control over the property to sell it to TJM Properties five months after its closure.

The Florida real estate firm has attempted to sell the unfortunate hotel and casino resort several times over the past five years, but with little success. Reports emerged late last year that New York real estate company Advanced Consulting Inc. was interested in buying the Atlantic Club and reopen it as a non-gambling hotel and entertainment resort.

Earlier in 2018, Stockton University unveiled plans to buy the closed property and use its nine-level garage and the surrounding land for its Atlantic City expansion purposes. Stockton officials said that they would demolish the resort’s building to clear the site. However, a transaction never occurred.

A development group had, too, expressed interest in the Atlantic Club a few years back. It had intended to renovate and transform the former hotel and casino complex into a family-friendly destination resort with an indoor water park and numerous other attractions. Those plans had died two just a couple of months after their original unveiling.

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Global Gaming and Trustly Build on Pay N Play Success with Extended Partnership

Global Gaming and Trustly extend existing collaboration to leverage Pay N Play success and explore new markets

Online gambling company Global Gaming and payment services provider Trustly announced today that they have decided to build on their successful partnership and explore new markets together.

Global Gaming and Trustly originally joined forces in 2016 when the gambling operator opted for the payment services provider’s Pay N Play product. Under the terms of their newly extended agreement, Global Gaming will deepen its reliance on Trustly’s flagship online gambling solution for the operator’s Ninja Casino in Sweden.

The two companies are also determined to leverage their existing relationship to explore new markets beyond Sweden, Finland, and Estonia where they have already borne the fruit of their collaboration.

Global Gaming was one of the early adopters of Trustly’s Pay N Play. Generally speaking, Pay N Play streamlines the online casino sign-up process while making sure that operators are still compliant with regulations. With the product, players are able to start playing right away by simply making a deposit from their online bank without having to fill out a lengthy registration form. Trustly passes on important KYC data to the operator which then opens a player account in the background.

Global Gaming’s flagship Ninja Casino went live with Trustly’s Pay N Play in the spring of 2016. The online casino has obtained licenses in Malta, Estonia, and most recently in Sweden where the market was liberalized earlier this year.

Improved User Experience and Expansion

The newly extended partnership between Global Gaming and Trustly aims to assist the two companies in delivering improved experience to online gambling customers and expanding their reach across new markets.

Commenting on their enhanced collaboration, Global Gaming CEO Joacim Möller said in a joint press release issued earlier today that their partnership with the payment services provider means they will “continue to develop the Pay N Play concept” in Sweden as well as across new jurisdictions.

Trustly CEO Oscar Berglund added that Global Gaming has been “in the forefront of leveraging Pay N Play to deliver best-in-class user experience” and that he sees great potential for the launch of the product in new markets.

Last year, Global Gaming was recognized as the fastest growing tech company in its homeland, Sweden. The online gambling operator landed the top spot in Deloitte’s Sweden Technology Fast 50 list after it registered a nearly 100,000% growth over the past four years. Global Gaming’s achievement represented a new record for the Swedish Fast 50.

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MGA and Spelinspektionen Ink Cooperation Agreement

The gambling regulators of Malta and Sweden initiate collaboration to further “public policy objectives and mutually common values”

The Malta Gaming Authority and Spelinspektionen have signed a Memorandum of Understanding to enhance their cooperation and further their “public policy objectives and mutually common values”, the two regulators said in a joint statement published Tuesday.

The aim of the MoU is to improve the close communication between the regulatory bodies of Malta and Sweden and to support their effective sharing of information on matters they both have interest in.

Sweden’s new gambling law took effect on January 1, 2019, liberalizing the local market and opening it to international operators. Most of the gaming and betting companies that have obtained licenses from Spelinspektionen over the course of the past several months are also MGA licensees, and many of them are based in Malta.

Malta itself recently introduced changes to its Gaming Act. Among the most important amendments in the nation’s gambling law involved simplifying the licensing process for interested online gambling companies and replacing the multi-license system with just two types of licenses – one for the provision of B2B services and the other for B2C gaming and betting services.

The MoU between the MGA and Spelinspektionen took effect Monday, March 4. The two regulatory bodies have also agreed to exchange the best possible operational assistance on a continuous basis and in accordance with their regulatory policies.

”Eager to start this mutually beneficial journey”

The MoU with the MGA is the first of what Spelinspektionen hopes would be a series of collaborations with European counterparts. Commenting on the latest announcement, Camilla Rosenberg, Director General of the Swedish Gambling Authority, said that by opening communication channels between the two gambling regulators they can both become stronger in their supervisory activities. Ms. Rosenberg went on to say that they plan to initiate more collaborations with regulators in other European countries.

Spelinspektionen has issued nearly 70 gaming and betting licenses since the beginning of the licensing process last fall. As mentioned earlier, a number of the companies that have entered Sweden’s newly liberalized digital gambling space are licensed in Malta, as well, and many of them have their technical equipment based in the Mediterranean island nation.

MGA Chief Executive Officer Heathcliff Farrugia said that relationships with international regulatory bodies, particularly in the area of online gambling which is cross-border in nature, are the key to reaching their regulatory objectives.

Mr. Farrugia went on to say that the MoU with Spelinspektionen is an important step toward achieving their respective goals in vital areas the two regulators share interest in, particularly given the fact that the MGA and the Swedish Gambling Authority share a significant number of licensees.

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