Earlier this week the Alderney Gambling Control Commission (AGCC from here on) made a number of amendments to its Alderney eGambling Regulations of 2009. The most interesting of these changes is now known as regulation 230A, which refers to license holders having to hold customer funds in segregated accounts.
As you can see in the amendment document here, the AGCC now state that in order to have hold an operating license with them, clients have to hold all customer deposits (and therefore balances) in a segregated account that is separate from the business' operating or current account. As with all changes to regulatory paperwork there is a transition period and this period comes to an end on December 31, 2012.
The AGCC retain the right to waive this requirement if it receives a written personal guarantee that all customer deposits could be refunded in full at any time, and proof of this ability will have to be continually proven.
All license holders will also have to fill in regular reports to the AGCC about the financial health of their company. An example of the report is shown as Schedule 22 Format of Monthly Report Of A Category 1 Licensee's Customer Fund Balances. This report forces licensee's to list their bank balances along with any changes positive or negative of these accounts. These regular reports – due on the 20th of each month – look to be designed so the AGCC can spot trends in the balances of its licensee's bank account and prevent another Full Tilt Poker situation occurring.
When Full Tilt Poker went to the wall the AGCC came under heavy fire from the poker community because it came to light that the management team of the stricken former online giant had continued to pay themselves huge dividends despite the company having a massive shortfall in money. It is estimated Full Tilt Poker owes its former customers in excess of $300 million.
According to the licensee section on the AGCC website companies such as Blue Square Poker, Gala Ltd, Unibet and PKR are amongst the prominent online poker sites that will have to comply with the new rules. It will be very interesting to see if any short falls are uncovered by this new legislation.
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LOTTERY EXPO 2013
Co-Hosted by PGRI and the
Florida Lottery
November 4 to 7, Miami, Florida,
Trump Miami Beach Hotel
18001 Collins Ave., Sunny Isles Beach, Florida
Phone: Domestic: 855.244.2964 International: 786.522.3523
**Use Group Code 10W820 to get our
special rate
Monday, November 4: 5:00: Opening Night Reception
Tuesday, Nov. 5: U.S. focused conference sessions; Reception 5:00 to 6:30 pm.
Wednesday,Nov. 6: Joint U.S. and Latin America Sessions; Reception 5:00 to 6:30 pm.
Thursday, Nov. 7: Focus on Latin America
Three Receptions and luncheons provide lots of time to visit with colleagues For complete Lottery Expo info, including registration materials and conference updates: PublicGaming.org Conference Venue: Trump Miami Hotel - Limited special rate of $175 Reserve your room click here online booking
call us at 425-449-3000 if you get a "sold out" or encounter any difficulties at all
===================================================
SMART-TECH 2013
PLATINUM SPONSORS
SILVER SPONSORS
Thank you to all
of you who presented, served on a
panel discussion, and participated
at Smart-Tech. This was PGRI’s
fourth annual event in NYC and has
become a great venue for lotteries
to delve into the most relevant
issues of the hour, and we so
appreciate the privilege of hosting
it and visiting with you. The next
issue of PGRI Magazine will include
an in-depth analysis of the issues
we explored. Too, the conference
was video-recorded and will be made
freely available to everyone on
www.PGRItalks.com. We’ve
received much positive feedback and
hope that everyone accomplished
their objectives. Our next event
will be held at the Trump Miami
Beach Hotel on November 4, 5, 6, and
7th. Lottery Expo Miami
is especially exciting for the
participation from our colleagues in
Latin America. The North America
track is on Tuesday, the LatAm track
on Thursday, and we all come
together on Wednesday. Thanks to the
support of our commercial partners
and sponsors, the hosted receptions
held every night of the conference
have become a wonderful venue to
talk with industry leaders from all
around the world. Please check in at
www.PublicGaming.org for PGRI
conference updates. Thank you again
- We look forward to seeing you
again. Please e-mail me (pjason@publicgaming.com)
with any questions, feedback,
guidance, or comments of any kind.
Smart-Tech 2013 was held
April 8,
9, 10, 2013
at the Helmsley Park Lane,
New York.
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OPINION
Paul's Wall
2012 Public Gaming Magazines
PUBLIC GAMING OCTOBER/NOVEMBER 2012
Click here to read the .pdf version
PUBLIC GAMING SEPTEMBER 2012
Click here to view the .pdf version
Click here to read the regular .pdf version
PUBLIC GAMING MAGAZINE MAY/JUNE 2012