Weekly Global Gambling Regulatory Recap – Week ended May 31st
Published: May 31, 2024 | Author: Ron Clarke
This past week has seen significant regulatory changes and events in the gambling industry across various countries, impacting a diverse range of stakeholders from operators to consumers. To ensure you are well-informed about these updates, we have compiled a detailed overview of the key developments. Here’s a recap of the latest events:
USA – Illinois Implements Major Wagering Tax Hike
On May 29, 2024, the Illinois House of Representatives approved a significant increase in the wagering tax rates for gambling operators, which was subsequently sent to Governor JB Pritzker for final approval. The new progressive tax structure, effective from July 1, increases rates up to 40% for the highest earning operators, a substantial rise from the current 15%. This decision follows the approval of Illinois’ FY2025 budget and is expected to have profound implications for the state’s gambling landscape, especially for its most prominent operators.
Bulgaria Achieves Compliance with International AML Standards
As of May 28, 2024, Bulgaria has been declared compliant with global anti-money laundering (AML) standards by a Council of Europe oversight body, Moneyval. This follows extensive enhancements to its AML measures, including stricter oversight of its gambling sector. The establishment of a dedicated AML unit within Bulgaria’s National Revenue Agency marks a significant advancement in its regulatory framework, strengthening its defenses against financial crimes.
Sweden – Kindred’s Fine Reduced in
In Sweden, the Administrative Court of Appeal in Jönköping has reduced a historic fine imposed on Kindred’s subsidiary, Spooniker, for the second time, now setting it at SEK30m ($2.8m). This adjustment on May 28, 2024, comes after initial penalties were levied for offering unauthorised bonuses and operating lotteries without a license. The court’s decision reflects ongoing debates around the clarity of regulations concerning promotional offers in the Swedish gambling market.
These developments reflect a dynamic and evolving regulatory landscape in the global gambling industry, with significant financial and operational impacts for businesses and renewed efforts in the fight against financial crimes. As regulations tighten and governments refine their oversight mechanisms, stakeholders are advised to remain vigilant and adaptable to these changes.
