The UK Gambling Commission (UKGC) has lifted the suspension of Triplebet’s remote operating license, giving the greenlight for Matchbook to resume operations.

According to Triplebet, it has made “significant improvements to its compliance practices” in response to the UKGC suspending its pool betting, betting intermediary and remote casino licenses, under Section 116 of the 2005 Gambling Act, on 27 February 2020.

The UKGC’s investigation into the operator found several issues, including a failure to monitor business relationships, and insufficient due diligence checks when it came to gambling syndicates. 

Responding to the license reinstatement, a Matchbook spokesperson said:

“This announcement marks the culmination of many months of hard work and investment across our entire business.

“We are extremely proud of the dedication and commitment of our staff during a very challenging economic period that has enabled Matchbook to once again offer a much improved exchange platform to UK residents as we continue to grow our market share and deliver an industry leading platform and liquidity pool for our customers.

“We’re pleased to announce that our license suspension has been lifted and we are working hard to get the site back up and running as soon as possible. We can’t wait to welcome you all back to Matchbook in the coming days.”

AYO.NEWS says:

2020 has been a challenging year for everyone so far, so we can only imagine what’s been going on behind the scenes at Triplebet and Matchbook! Of course, you could argue that, given the disruption to sports betting this year, the operator didn’t miss as much business as it would have normally. And, despite the departure of CEO Mark Brosnan in May, the team has managed to turn things around and satisfy the UKGC – no mean feat. 

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

All original content featured on this site is © Pentagon Digital Limited, 2020

Google, Facebook, Twitter, and YouTube are facing a class-action lawsuit for “cartel-like” behaviour intended to kill off crypto competition.

The social media and search giants are the target of a class-action lawsuit, led by Australian lawyer and CEO of JPB Liberty, Andrew Hamilton, which could be worth as much as $300 billion.

According to Cointelegraph, Hamilton believes the companies engaged in “cartel-like” behaviour in a coordinated effort to kill off the nascent virtual currency sector in 2018, by introducing blanket bans on the advertising and promotion of crypto assets and initial coin offerings (ICOs). 

Hamilton is convinced that, under Australian competition law, it will be “pretty easy” to prove the social and search behemoths were acting as a cartel, and has spent two-and-a-half years preparing the case against them. 

In addition to Hamilton’s time preparing the case, a “major law firm” has also contributed “hundreds of hours off the clock,” which he says is a sure sign they believe the case is winnable. 

Anyone holding cryptos or involved in crypto space can participate

JPB Liberty says anyone holding cryptocurrencies, or “involved in the Cryptocosm” can join the Class Action as a Class Member, on an anonymous, no win, no fee basis. The deadline for claimants to sign-up to the lawsuit is 21 August. If successful, claimants will receive 70% of any settlement, while the suit’s funders will get 30%. 

It seems only fitting that, in addition to seeking institutional litigation funding, JPB Liberty is also offering Web 3.0 Litigation Funding – which raises funding via a token sale. 25% of damages awarded by the Class Action will be paid to token holders, with 5% going to JBP, and the tokens will be listed on crypto exchanges to provide liquidity for token holders during the lengthy litigation process. 

The law firm also says it is investigating other potential Class Actions, including against banks with banned cryptocurrency purchases by credit cards, against banks which improperly froze customer accounts due to legitimate cryptocurrency transactions, and against regulators who exceeded their legal and constitutional authority in attempting to regulate crypto. 

AYO.NEWS says:

This is very interesting indeed. Though we’re sure the social media and search companies will argue they introduced the bans to “protect consumers” from being misled, it’s hard to believe that was the real reason for such sweeping action.

After all, at the same time as the companies were banning the promotion of crypto assets and ICOs, they were themselves working furiously on their own crypto projects! 

For example, though Twitter banned crypto advertising, Jack Dorsey’s own financial firm Square was allowed to promote its crypto-friendly Cash App. And, lets not forget, when Facebook banned all crypto promotion, it was hard at work on its own Libra project! 

Only yesterday we reported that Facebook has launched a dedicated fintech division, Facebook Financial, or ‘F2’, to promote “payments and commerce opportunities,” despite its Libra stablecoin project appearing to be dead in the water. 

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

All original content featured on this site is © Pentagon Digital Limited, 2020

The New York State Department of Financial Services (NYDFS) has published a greenlist of 8 cryptocurrencies approved for sale and trade.

According to an official update, the currencies approved are Bitcoin (BTC), Ethereum (ETH), Bitcoin Cash (BCH), Litecoin (LTC), Binance USD (BUSD), Gemini Dollar (GUSD), Pax Gold (PAXG), and Paxos Standard Token (PAX).

The same cryptos, plus XRP and Ethereum Classic (ETC), have also been approved for custody by licensed entities. 

The NYDFS noted that it reserves the right to remove tokens from the list, add restrictions to specific coins, or even discontinue the list. It also reminded licensed entities that they need to inform the regulator before they use any of the greenlisted cryptos. 

AYO.NEWS says:

It’s not the most dramatic news in the world, but it does reaffirm the NYDFS as one of the United States’ leading regulatory agencies when it comes to cryptocurrency businesses. 

The state already issues a crypto business license called the BitLicense, and in June announced it would be introducing a conditional type of license aimed at helping smaller businesses regulate, by letting them partner with larger already-licensed ‘Guardians.’

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

All original content featured on this site is © Pentagon Digital Limited, 2020

Following US President Trump issuing executive orders to ban TikTok and WeChat, Tencent Holdings lost nearly $54bn USD in market capitalisation.

Tencent Holdings, which owns WeChat, saw its market capitalisation plunge to $632bn on Friday, as investors took to the lifeboats. The Chinese conglomerate has said it is reviewing its options and will make an announcement shortly. 

Meanwhile, ByteDance, owner of TikTok, has said it will fight Trump’s executive order in court. 

The US ban on the apps is expected to come into force on 20 September 2020. 

AYO.NEWS says:

Given the state of relations between the US and China right now (China blamed for COVID-19, the worsening trade war, and China’s military provocations in the South China Sea and around Taiwan) it’s hard to see how Tencent will get anywhere with legal action. 

Though the White House has made it clear the bans only affect the specific apps, it should be remembered that Tencent also fully or partly owns some of the world’s biggest companies, especially in the entertainment and gaming sectors, including Riot Games, so it has the ability to cause the US some economic pain – for example by relocating business assets and pulling investment in the US. 

Staying with US-China tensions, at the end of July CEO and founder of financial consultancy firm deVere Group, Nigel Green, said the escalating situation could lead to Bitcoin (BTC) replacing gold as the ultimate safe haven asset. 

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

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Paddy Power has apologised for using a homophobic slur in a marketing video. 

The Flutter Entertainment-owned betting brand is no stranger to controversial marketing, although its recent series of “Fan Denial” videos has played it fairly safe until now. 

The offending video, which has now been removed, was shared on social media following Arsenal’s FA Cup final win over Chelsea, and featured a fan saying “salty rent boy.”

Before Paddy Power removed the video, it attracted criticism from fan groups including Chelsea Pride, Gay Gooners, Proud Baggies, and anti-discrimination charity Kick It Out, whose chairman, Sanjay Bhandari, said:

“An advert like this is designed to provoke and does nothing to further inclusion in football. All it will do is encourage people to keep using this hideous language, not just on social media but in matches too.”

Responding to the incident, Paddy Power said “it does not condone the use of such derogatory terms.” 

Our statement regarding the homophobic video posted by @paddypower. Following the response from @kickitout and many other members for the #lgbtq football community. pic.twitter.com/BPAvNxueed

— Chelsea Pride (@ChelseaPride_) August 5, 2020

Yesterday, following @paddypower’s FA Cup fan denial video, we sent an email to CEO Peter Jackson. We highlighted continued actions & thought are needed more than one-off campaigns & our role to #CallItOut.

We’re glad to see the video has been removed & hope PP learn from this. pic.twitter.com/aLH52LikGv

— Gay Gooners – Arsenal’s LGBT+ fans (@gaygooners) August 5, 2020

AYO.NEWS says:

What is it with Paddy Power’s marketing team? It’s almost like they do things like this just to get attention…

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

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The Social Market Foundation (SMF) has proposed a radically new framework for gambling regulation in the UK. 

The influential cross-party think tank has published proposals that include an automatic £100 GBP per month spending cap for all customers – with individuals only allowed to spend more once they have undergone strict affordability checks, carried out by an independent gambling ombudsman.

The SMF also argues taxation should be adjusted to penalise operators based in tax havens like the Isle of Man or Gibraltar, and benefit those companies based in the United Kingdom itself, saying:

“Gambling taxation should be redesigned around a system of incentives which reflect a company’s level of onshore presence. This means that operators could still decide to base their headquarters in locations like Gibraltar, the Isle of Man or Alderney, but that decision would carry significant tax implications.”

Additionally, the think-tank has called for ‘white label’ agreements to be banned, so foreign firms with little incentive to protect UK consumers can’t simply buy access to the British market via existing UKGC license holders. 

It also calls for a new cross-government ‘Gambling Quartet’ to be established to oversee gambling policy – which is currently the responsibility of the Department of Digital, Culture, Media and Sport. 

Justifying the SMF’s proposals, Dr James Noyes, primary report author, said:

“Our proposed threshold sets the bar low enough to protect everyone, including those on low income, but is high enough to reflect the vast majority of gambling activity among the general population. Gamblers should be free to spend more than this threshold, but only after they show that their gambling is neither unaffordable nor harmful.”

Responding to the proposals, the Betting & Gaming Council (BGC), pointed out that it’s members already take responsible gambling seriously, conducting affordability checks when required, and are contributing over £3 billion in take to the UK each year. 

AYO.NEWS says:

While it is tempting to believe the SMF proposals won’t gain any traction, with the COVID-19 lockdown-triggered economic crisis now gathering steam in the UK, and millions predicted to lose their jobs, the government will be looking for scapegoats to distract the mainstream media and pitchfork wielding mobs – and there’s no more tempting target than the already vilified gambling industry. 

The anti-gambling crusaders, like Meg Hillier, MP, chair of the House of Commons Public Accounts Committee, already have the knives out for the UKGC, accusing it of being “torpid” and “toothless”,  and it seems likely maximum stakes of between £1 and £5 will be introduced for online slot games, along with a ban on VIP incentives and other common practices. Oh, and lets not forget the increasing likelihood of a complete ban on football gambling sponsorships in the near future. 

However, when it comes to the tax proposals, the SMF report’s suggestions are probably unworkable. Regarding the Isle of Man’s tax regime – we wonder if the authors of the SMF’s report are even aware that the island is a self-governing British Crown dependency, not part of the United Kingdom, that has an entirely separate tax system, set by its own government? Similarly, Gibraltar, as a British Overseas Territory, is not part of the United Kingdom either. 

So, though Westminster could increase tax on UK operations, Gibraltar and the Isle of Man could respond by introducing even more incentives of their own to keep companies based there.  Of course, the UK itself could try to attract operators by offering a competitive tax regime!  

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

All original content featured on this site is © Pentagon Digital Limited, 2020