Washing machine
The Isle of Man authorities make further money-laundering arrests
Ex-licensee the subject of new police raids on Isle of Man.
Robinhood launches March Madness prediction markets.
In +More: UK charges WhatsApp bookie.
Underdog pays New York fine, withdraws games.
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Douglas launderette
Spin cycle: The Isle of Man police last week arrested two men with links to an ex-gambling licensee on the island, as part of an ongoing probe into money laundering.
The two worked for Isle of Man-domiciled Ableton Prestige Global Limited and Amiga Entertainment.
Ableton, the ex-licensee, surrendered its license in March last year. The company ran various Asian-facing sites.
Toploader: The IoM constabulary said in a statement it had executed a search warrant on the premises of the two companies in Douglas “in relation to a large-scale international money-laundering investigation.”
Local media said the police confirmed it had made two arrests.
A report from Radio Free Asia alleged both Ableton and Amiga are owned by Chen Zhi, who is chair of an international conglomerate called Prince Group, which has business interests in Cambodia.
RFA said corporate records showed the companies are owned by Chen through a trust.
The report added that “dozens” of Chinese nationals working at Amiga and Ableton were stripped of their visas following the raid.
Not the first time: In April last year, the similarly Asian-facing but Isle of Man-domiciled King Gaming was the subject of police raids, with seven people arrested at the time only later to be bailed.
King was subsequently stripped of its license by the island’s Gambling Supervision Commission.
Who knew? The latest news came a matter of days after the authorities issued a press release admitting that “online gaming and gambling platforms are the centre point of an increasingly complex and sophisticated criminal landscape in East and Southeast Asia.”
It went on to suggest the Isle of Man’s “well-established financial, non-financial and online gambling sectors” made it “attractive for exploitation by these transnational organised crime groups.”
It added that the island had been “subject to attacks by criminals to bypass the Island’s controls against financial crime and immigration.”
Up with this we will not put: Quoted in the press release is Jane Poole-Wilson, deputy chief minister and AML/CFT lead for the Isle of Man Government. She said the island’s authorities take the “illicit actions by transnational organised criminals to exploit the island’s business environment and immigration security extremely seriously.”
“Significant and wide-reaching actions are being taken by agencies, with investment in law enforcement and investigation capability,” she added.
“This includes strengthening the island’s immigration systems and processes.”
She added that the IoM “will not tolerate the use of the island for criminal activity and will not hesitate to act to disrupt and prosecute those responsible.”
Isle of Scam: Back in October, a UN report claimed King Gaming employed people who were previously convicted by the Chinese authorities for conducting a massive fraud operation that swindled millions of dollars from victims in China.
The report from this month suggested Asian crime syndicates have expanded beyond the Golden Triangle.
It pointed out King Gaming’s landing page-only website was “consistent with shell iGaming businesses used as fronts by criminal groups for laundering criminal proceeds.”
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Going live
“Prediction markets are truth machines” was how Robinhood CEO Vlad Tenev announced on X his company’s launch of its own offering, including offering prices on the NCAA’s March Madness. What “truth machines” has to do with College basketball was left unexplained.
As with its short-lived Super Bowl market – pulled one day after launch under pressure from the Commodity Futures Trading Commission – Robinhood said it was “initially” partnering in its Derivatives venture with Kalshi with its sports and Fed funds rate markets.
The company said it had been in “close contact” with the CFTC in the past several weeks about its Robinhood Derivatives platform.
Noting the 9% rise in the Robinhood share price in early trading, Kalshi CEO Tarek Mansour said: “It’s great to see prediction markets gaining the credibility they deserve from Wall Street.” The shares closed yesterday up 7%.
+More
WhatsAppening here? The UK Gambling Commission said an individual has been charged with advertising and providing unlicensed gambling facilities. The man in question, Haydon Simcock, was arrested in September last year as part of an investigation led by the Commission. He will appear in court in Birmingham on March 24.
Simcock was the subject of a Racing Post undercover expose into WhatsApp bookies in February last year.
He claimed to be acting as commercial manager for The Post Bookmakers, an unregulated firm taking bets through the messaging app WhatsApp.
Thailand: The first four cities to be selected as hosts to the IR casinos have been named. Bangkok, Chon Buri, Chiang Mai and Phuket will all play host should the entertainment complex bill be approved by the government.
Sweden: The country’s efforts at channelization are failing, according to horseracing betting operator ATG, which estimates the rate has fallen to 62%-69% in Q4, well below the government’s stated target of 90%.
The ATG report suggested that of the most-popular 20 unlicensed operators, 17 use the same providers as the regulated sector.
It also said six of the most-used sites allow direct deposits and withdrawals through BankID, a digital verification system.
Brazil: Robinson Barreirinhas, special secretary of the Brazil Federal Revenue Service, believes the authorities should collect back taxes from companies that operated within the country before the market was regulated.
Speaking before a meeting of the Parliamentary Inquiry Commission, Barreirinhas said that though it would be “operationally difficult” it would not be impossible.
“It may require legislative changes. The Federal Revenue Service understands that Brazil can only charge tax on an operation if there is some material presence here.”
State by state
Maryland: The bill that will ban sweepstakes gaming offerings in Maryland has received unanimous approval from the full state Senate. SB 860 now heads to the House Ways and Means Committee with its companion bill HB 1140, which was scheduled for a hearing before the committee earlier last week.
The moves will see a prohibition on sweepstakes gaming operators and the criminalization of services provision to sweeps, including payment processing, affiliates and geolocation.
Meanwhile, regulators have issued a cease-and-desist letter to online sweepstakes gaming operator VGW, ordering it to confirm it has halted operations by March 27.
Hawaii: The sports-betting legalization bill passed the combined state Senate Economic Development and Tourism and the Commerce and Consumer Protection committees late last week. The amended HB 1308 passed the House earlier this month.
Ohio: The chair of the state House Finance Committee, Rep. Brian Stewart, said Gov. Mike DeWine’s plans to double the tax rate from 20% to 40% is “very unlikely” to be included in the final budget proposal.
“I do think that any time you’re talking about tax increases in a Republican Party, that’s going to get a skeptical eyebrow raise,” Stewart told local media.
Missouri: The Missouri Gaming Commission is expected to open up the process for applying for sports-betting licenses in May. The market is legislated to open by December 1.
Arkansas: A bill that aims to legalize iCasino and ban sweepstakes gaming is in the works, according to the Quapaw Nation’s Saracen Casino CMO, Carlton Saffa. Saffa claimed the bill has bipartisan support and would allow the state’s three land-based casinos to offer iCasino.
Underdog fine
Tactical withdrawal: Underdog has paid a fine of $17.5m to the New York State Gaming Commission and withdrawn its offering from state residents at least temporarily in a settlement with the state authorities.
The NYSGC has determined that Underdog was offering contests “not set forth” in the temporary license given to Synkt in 2016, a company that Underdog bought in 2022.
Separately, Underdog has announced it is launching its Pick’em Champions product in New Jersey and Delaware.
Gotta have faith: Underdog said it disagrees with the Commission’s interpretation of the law, but has agreed to settle the matter by withdrawing all of its games and paying the fine, which was based on the amount of revenue Underdog’s popular games generated in New York.
The company’s press release said the Commission acknowledges Underdog operated in good faith and that it is eligible for a permanent fantasy sports license in New York.
Underdog’s license application is currently under review, along with the review of other operators in New York.
Clear as mustard: Nicholas Green, Underdog’s general counsel, noted that for nearly a decade, fantasy sports in New York has operated in “regulatory uncertainty” but added that the settlement “does provide clarity on New York licensing issues.”
He added that the whole temporary license issue was specific only to New York, and not related to any specific game format offered.
“Any fantasy game created after 2015, no matter the format, is not permitted under the Commission’s interpretation of what games a temporary permitholder, like Underdog, can and cannot offer,” he added.
He said that the settlement recognizes that Underdog worked in cooperation with the Commission and operated at all times in a good faith interpretation of state law.
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Brought low
High times: The regulator in Connecticut has moved to suspend the license of online gaming supplier High 5 Games, saying the company also “illegally operates an unlicensed online casino” High 5 Casino. That offering was a sweepstakes gaming offering.
High 5 Casino was marketed by the Delaware-based High 5 Games as a legal “licensed” casino and accepted wagers from Connecticut bettors.
According to the DCP that included consumers who had signed up for the statewide voluntary self-exclusion list.
High 5 Games was founded in 1995 and, according to its website, provides games to the land-based, online and social gaming sectors.
It said its games are licensed in Michigan and New Jersey alongside international markets such as the UK, Italy, Sweden and Denmark.
The company issued a statement saying it “always upheld the highest regulatory standards.”
It added it was “committed to cooperating with Connecticut regulators to resolve this matter and maintain the integrity of our gaming licenses.”
Low blow: The Department of Consumer Protection Gaming Division investigation determined that over 1,000 Connecticut customers made deposits and gambled on the unlicensed High 5 Casino platform.
Of those, 911 customers lost a total of $937,938, and 108 were individuals who had signed up for the state’s voluntary self-exclusion list, losing nearly $300,000 on the platform.
High 5 Games is the majority owner of High 5 Casino and will now be charged with 1,065 criminal counts of conducting illegal gaming activity. Each charge is a Class A misdemeanor carrying a penalty of up to one year in jail and a fine of up to $2,000.
The DCP said it will also seek restitution for eligible consumers who suffered a financial loss.
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