South Korean Cybercrime Authorities Halt Illegal Gambling

The South Korea’s Cybercrime Investigation Unit of the Southern Provincial Police Department conducted an investigation into alleged illegal online gambling by Coinone, the third largest crypto currency exchange in South Korea for ten months prior to the charges being revealed.

Two executives and the Chief Executive Officer of the exchange were charged for facilitating illegal online gambling through the company’s margin trading operation. As many as twenty exchange traders were under the microscope by the authorities. The recommendation for the prosecution by the authorities is that the traders in question be made guilty of “gambling illegally,” a crime in South Korea under Chapter 23 of the Criminal Act.

Margin trading is the practice trading a financial asset on credit. The attraction to traders lies within the added financial leverage which can increase gains. It is also risky and can lead to huge losses. There is little regulation in the crypto currency market not like the heavily regulated margin trading in the USA.  The Federal Reserve Board, the New York Stock Exchange, and the Financial Industry Regulatory Authority all oversee this aspect of the exchange.

The police are justifying their investigation by bringing to light the illegal  gambling element which is taken very seriously in South Korea. Coinone’s margin trading offering was “based on gambling because it did not have permission from the authorities.” It was suggested that it could also be used for money laundering of criminal activity. Financial information firm Investopedia has said that margin trading is “risky” and so is “best left to sophisticated traders and high-net worth investors who are conversant with its risks.”Adding, “The average investor will be better off investing for the long term in a cash account, rather than trading for the short-term in a margin account,”

It was interesting to note the investigation focused on only 20 users because of the high-volume of their trades, which collectively amounted to over 3 billion won ($2.78 million).

 

 

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Tennis Master Raphael Nadal Wins "Musketeers’ Trophy"

Tennis has gained a lot of ground when it comes to the global attention the sport is acquiring. Enormous pressure is put on the top players to perform at the edge of their capacity and win the coveted trophies prize money and endorsements.

Rafael Nadal has won the La Coupe des Mousquetaires, this is the 11th time he has won the honour of having the “Musketeers’ Trophy” in his collection.  

Nadal is known as "The King of Clay", he is widely regarded as the greatest clay court player in history. Nadal's evolution into an all-court threat has established him as one of the greatest tennis players of all time.

There were some tense moments for the punters who had money of the champion when there was a brief sign of trouble for the veteran tennis player. Nadal experienced  the middle finger on his left hand cramping very badly. The trainer came to check in the middle of a service game and Nadal carried on to win the match.

“It was not a normal cramping,” Nadal said after the win. “For me, [it] was scary. I was not able to move the hand, the finger…after a couple of minutes, I still had the same feeling.”

The injury time out created a stir with fans of the player with relative uncle Toni Nadal former coach revealing he was concerned. Raphael’s worthy opponent, the 24-year-old Dominic Thiem, accomplished a major hurdle by reaching his first career Grand Slam final. But he was in awe of what Nadal has done at Roland Garros, both this year and throughout his career. Nadal’s major rival Roger Federer who has twenty career Grand Slam titles compared to Nadal’s seventeen will be back on the clay court this year just in time for the US Open after taking time out from clay the whole season.

 

 

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William Hill Keeps World Darts Championship Sponsorship Title

The world of professional sport is varied and sometimes complicated and yet some sports are easy to like such as darts.Watching a darts tournament at the professional level can be really exciting. William Hill has extended an arrangement to remain the title sponsor of the World Darts Championship.The extended deal will continue on to the 2022 tournament. Not only has the competition become stronger interest has also grown enormously.

The William Hill World Darts Championship, is organised by the Professional Darts Corporation. The 2014 and 2015 PDC World Champions collected £250,000 for their respective wins. In 2018, the prize fund will be increased to £1.8 million, with the World Champion receiving over £400,000. for the overall winner, a record 92 competitors have entered.

Chairman of event organising for the Professional Darts Corporation, Barry Hearn, commented on the continued support from William Hill,  “The backing of our great sponsors at William Hill and worldwide broadcasters led by Sky Sports has been matched by the incredible interest from fans who flock to Alexandra Palace every Christmas and watch around the globe.”

Hearn continued,  “The World Championship has grown year-on-year in the decade since our move from the Circus Tavern to Alexandra Palace, which is the perfect home for such a prestigious event.

“Our worldwide growth, in particular through our affiliated tours, has seen greater interest than ever for spots from around the globe as emerging players battle to compete on the biggest stage in darts.”



 

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Political Satire Online Casinos Slots Are Fun

There is just too much to choose from when it comes to online gambling slot game offerings. Now on a lighter side, poking political fun at the world leaders and calling attention to the games being played. There are a few slots influenced by the global politics recently and it is refreshing to see casino game developers not worried about controversy.

The Rocket Men slot by Red Tiger Gaming was released not so long ago and the moment you start playing this slot the features are revealed as two big "rocket men" in the news, North Korea's Kim Jong-un and President of the United States Donald Trump. The slot is created around the conflict between the two leaders. Funny, military-like music plays in the background and war-like symbols like warrior ducks, Rocket Men comes with several entertaining features like Nuclear Spins, Don's Driving Range, Kim's Little Game, and Boom Time, and the go ahead to fire some missiles.

Critical of the establishment with a comic edge these offerings give loads of entertainment to those who like these playing political slots. The Betsense slot Dictator is something again. Developers at Betsense  gathered the world's worst current and past dictators in a single slot.  If you know your dictators, you probably know what to expect on the reels, as the game features all of the historically proven villains with a sort of revenge approach.

Yet another game in this genre is Fugaso’s Trump. It is a slot all about global politics. On the reels, you'll find many well-known politicians such as Donald Trump, Barrack Obama, Vladimir Putin, Hillary Clinton, etc. The game itself is fairly simple as it doesn't have as many special features as Rocket Men, but it does have flashy graphics and funny music, just enough entertainment value with the fear we will plunge into chaos at any time.

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Paddy Power Polar Bear Ad Stirs Up Awareness

Paddy Power does it once again by stretching the limits of advertising creativity while calling attention to the iconic brand’s product line up. This time Paddy Power just ahead of the FIFA World Cup in Russia has stirred up controversy with an sensitive ad featuring footage of a Russian-speaking man spray-painting an England flag and Paddy Power branding on the side of a sleeping polar bear.

The ad drew a negative twitter reaction from a number of people with one  person referring to the interesting advert as  ‘awful’ and ‘offensive’. The gambling firm has a reputation for spoof ads that use negative press to get their message out there.

The polar bear advert has been compared with a campaign that Paddy Power also presented ahead of the 2014 World Cup in Brazil. The hoax depicted a picture of a segment of rainforest being cleared to send the England national team a message of encouragement.

So it goes with this Paddy Power ad it was all staged and there was no real painting of a polar bear. Paddy Power has revealed the bear was not harmed at all. Paddy Power hired visual effects company Framestore to make the ad look as realistic as possible and it appears the special effects have had a positive affect on awareness of the situation the polar bears face.

Paddy Power flew a film crew out to Canada where the tame bear lives with owner Mark Dumas to shoot the initial scene. The well known book has lived up tp its reputation for mischievous ad campaigns, admitted to wanting to “create some carnage”, The firm is donating a five-figure sum to Polar Bears International which will use the funds to support a “ground-breaking” research project into Russian polar bears in order to help scientists have a better understanding of how bears in these areas are coping with climate change.


 

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Quebec's AMF Epic Fail Baazov Charges Stayed

Repeated failures by the securities regulators in provincial Quebec to properly disclose documentation to the defence has lead to the dismissal of the insider trading charges against online gambling executive David Baazov and two associates.

Quebec Court Justice Salvatore Mascia in an oral ruling stayed insider trading and market manipulation charges against Mr. Baazov and the Justice also stayed charges against Yoel Altman, Benjamin Ahdoot and three Ontario companies controlled by Mr.Altman. Considering the seriousness of these so called white collar crimes that involve billions of dollars it is thought of as a serious blow to the Autorité des marchés financiers and its effectiveness to stop corruption.

This was the third request for a stay in the case, starting  back in late April and it had begun hearing testimony. The first two requests were denied, and the judge put the regulator on notice that he expected better disclosure.

The accused said in a statement they were happy with the decision. AMF spokesperson Sylvain Théberge said the regulator was disappointed and would weigh an appeal.

“The defence doesn’t expect the right to a perfect trial, but rather, the right to a fair trial,” Sophie Melchers, a lawyer for Mr. Baazov, told the court last month, citing repeated errors and sloppiness by the regulator in sharing information. “There comes a point where enough is enough.”

Now that the online gambling industry has cleared another legal hurdle that looked dire for the movers and shakers that brokered the biggest online gambling operator acquisition in its time.This is an epic fail for the Autorité des marchés financiers a waste of tax money for sure.


 

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Bahamian Web Shop Operators Face Huge Tax Hikes

The Bahamas is a very beautiful place and the exclusivity is obvious known to be one of the richest countries in the Americas. It was revealed in the Panama Papers that The Bahamas is the jurisdiction with the most offshore entities or companies. The Bahamian economy is almost entirely dependent on tourism and financial services to generate foreign exchange earnings. The European Union lists the Bahamas as one of several Caribbean "uncooperative jurisdictions" because it fails to meet tax fairness and transparency benchmarks. The government however says it supports the development of a "2nd-pillar", e-commerce.

Being fair is not in the Bahamian’s best interest it appears as another blow was handed recently to the online betting industry in the Commonwealth. The government announced plans to boost the interent betting tax rate to as high as 50%.

A new budget was introduced by the new Prime Minister,  Hubert Minnis, leader of the Free National Movement. Included are dramatic hikes in the taxes paid by local ‘web shop’ owners, who offer online casino and lottery games from computer terminals in many retail venues. The Bahamas Gaming Operators Association has legal council Alfred Sears, sent a letter to Finance Minister Peter Turnquest asking for a “meaningful consultation” between operators and the government. Sears also warned that operators would be “compelled to seek the intervention of the Supreme Court to protect their rights.”

Sears has suggested that operators at the top end of the taxation scale would be paying over 90% of their revenue to the government.  Sears said the proposal was, “unconstitutional, discriminatory, punitive, irrational and unfair.”

Appointed CEO of The Bahamas Gaming Operators Association, Gershan Major, issued a statement suggesting that the government appeared to be “racially” targeting the web shop operators, given that “the same level of scrutiny and examination was not done to other industries that are not predominantly black owned.”

 

 

 

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Norway Presents New Gambling Rules To The European Commission

There are new rules for online gambling companies to follow in Norway.  Banks, credit card companies, and other financial institutions are asked to discontinue payments to and from Norway-based consumers of online gambling products offered by offshore websites as well as any other types of transactions related in any way to unauthorized betting.

Additionally the set of new regulations gives the Norwegian Gaming Authority the power to decide whether transactions carried out on behalf of gambling companies should,also be blocked. Banks and other financial institutions will be also be required to disclose to the regulator details about customers that might be engaging in unregulated gambling activities. Information about account numbers and any gambling-related transactions will be made available to the Gaming Authority. This comes even after Norway’s gambling regulator was sternly reprimanded by the European Gaming and Betting Association for breaking privacy rules by obtaining confidential information about Norwegian citizens who had allegedly gambled on unauthorized websites.

Recently Norway’s Ministry of Culture submitted a set of online gambling regulations to the European Commission. The Commission will now take three months to review and reject or approve the measures.The Norwegian supreme legislature, the Storting, will be unable to implement the new rules in the country’s gambling regulation regime. Should the European Commission accept the proposed changes without comment the Norwegian government will be allowed implement the measures by September 5, 2018.

The measures were created by four parties in the Norwegian system who introduced them to the Storting in April. The legislature then approved the proposal in May.

Generally this new legislation provides clarifications and regulations that obligate banks and other financial institutions to block all transactions to and from unauthorized gambling operators.

Gambling services and products in Norway are provided by two state-run enterprises, Norsk Tipping and Rikstoto also there is no licensing system that allows offshore operators to obtain licenses and do business in Norway’s regulated market.

 

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U.K.Must Act To Curb Online Gambling Advertizing

The time to act is always now and the way the internet and mobile smart phones are connected causes any parent real concern. It is much too easy for brilliant young people to access all of it which is influenced by advertizing more today than ever before. Governments are waking up to the fact that there is a big risk involved by allowing this massive availability to gambling to pervade responsible society.

The recent revelation that a very young person had spent his parents money on an online gambling addiction seems to come as a surprise to some legislators. When the law that doesn’t allow for sports gambling adverts before the nine pm magic hour when all young people should have their heads on a pillow and are sound asleep but there is an exemption for live events is foolish to say the least. In sports loving Australia, where legislators have become fully alert to the growing extent that gambling addiction has gripped their youth, the law has been changed to stop gambling ads during live broadcasts. The U.K. must get a handle on what could be the leading edge of a generation of gamblers. The Culture Media and Sports Secretary, Matt Hancock agrees something has to be done to curb the saturation youth are receiving and for parents to be very aware that their kids are susceptible to gambling addiction. The Commission’s most recent survey revealed that two-thirds of students gamble at least once a month with one in eight missing lectures because of game betting.

The number of 16-year-olds addicted to gambling went up by a third in the past three years, according to the Commission. Across all demographics, there are 430,000 people in the UK who have a ‘serious gambling problem’ a 50 per cent increase on the number just three years ago. Dire warnings that don’t go unheeded end up in disaster.

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Microgaming Launches New "Off The Wall" Slot

The world of online gambling is dominated by slots of all sorts. Surfing the internet for an interesting casino full of slot choices becomes like being a kid in a candy store for slot fans. The colours and flavours are so plentiful it is hard not to try a few of the varieties. One way to choose is to look for certain developers of the casino slot games such as the Isle of Man’s Microgaming. This is the company that claims development of the very first real online casino in 1994 so its line up of games and its platform has proven many times there is innovation and reliability.

Now as the firm is again offering its latest online slot game calling “Simple Silly Fun.” Poke The Guy is a creative colourful character driven animation. The unusual and silly character lets players participate in an interactive way to win fantastic prizes.

The game involves a group of weapons such as a rubber ducky, a tree, a butcher knife, a piranha and what appears to be a big flaming pile of poop, which they catapult at The Guy with a super-sized electrified slingshot. These tools allow attacking The Guy who is bit of a dick getting a kick out of ruining the Eiffel Tower, the Great Sphinx of Giza, Mount Rushmore, the Egyptian pyramids, The Little Mermaid and what looks to be the London Eye. The aim after all is to stop The Guy from destroying everybody and everything. This is definitely not a “traditional” slot!

A tap on the slingshot and the object of choice will be randomly launched in the beast’s direction, with each weapon hurled at The Guy counting as a bet. The Guy is very nimble and will try to evade the downpour of projectiles, all the while stomping on famous landmarks. The game is now live with Microgaming and Quickfire operators and has full optimization for mobile, letting players increase their wins in portrait mode on any compatible device.

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