Microgaming gets Maltese Licence

Online gambling software developer and turnkey provider Microgaming Software Systems Ltd has announced that it has been awarded a Class Four Internet gaming licence for its casino product by the Lotteries and Gaming Authority (LGA) of Malta.

The Isle Of Man-based company stated that the license would benefit its partners wishing to operate within the European Union (EU) and make it easier for operators considering Microgaming software and wishing to be based in Malta to move. It said that a number of its operators have already initiated the process of obtaining a Maltese licence on the back of its receipt of a Class Four license from the LGA.

“We are delighted to have been granted a Maltese license for our casino product and look forward to being able to offer our operators this gateway into the EU,” said Roger Raatgever, Chief Executive Officer for Microgaming.

“The review process involves a rigorous technical assessment and it is always rewarding when your own high standards are recognised by others, more so when it’s a European Union jurisdiction such as Malta.”

Malta was the first EU member state to regulate remote gaming and it offers four classes of remote gaming licences. Applicants must undergo probity checks as part of a wider fit and proper exercise, business and technical assessment and a compliance audit.

Microgaming stated that this Class Four casino license would complement the Class Three licence it was awarded for its poker network earlier in the year.

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USA is Neglecting Billions in Online Casino Tax

In America, a Congressman has testified that regulating and taxing online gambling could generate up to $42 billion for Federal coffers over the next decade.

The data, based on a detailed tax revenue analysis conducted by an independent accounting firm, was provided in testimony submitted to the House Committee on the Judiciary recently by Representative Jim McDermott. The Washington Democrat also detailed policy refinements to his legislative proposal, the Internet Gambling Regulation and Tax Enforcement Act (IGREA).

'Even under the most conservative estimates, licensing and regulating Internet gambling and collecting the taxes will provide much-needed revenue to the US Treasury,' said McDermott.

McDermott stated that $3.1 to $15.2 billion in revenues could be generated by taxing online casino gambling over the first five years followed by $8.7 to $42.8 billion over the first decade.

'This is money we are currently losing to other jurisdictions because some of my colleagues' think we can actually stop people from gambling online,” said McDermott.

The Congressman stated that IGREA had been refined to provide better protections against tax cheats to increase Federal revenues from permissible online gambling activity. In addition, a proposed fee in the legislation would see licensed online gambling operators pay two percent of player deposits to the Government.


'Most of the revenues generated would come from taxes required under existing law that we currently lose because of a misguided belief that we can actually stop Internet gambling,' said McDermott.

source www.onlinecasinonews.com

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Betfair Appoints Bruce Stubbs as Poker Chief

Online gambling group Betfair has announced the appointment Mr. Bruce Stubbs as its new Director of Poker with immediate effect.

Replacing Ben Fried who is to remain with the company as Head of Poker for Great Britain and Ireland, Malta-licensed Betfair stated that Stubbs joined the company from its infancy almost four years ago.

“This appointment is further evidence that we are taking our online poker business very seriously,” said Niall Wass, Managing Director for Betfair.

“Bruce has an impressive pedigree in the space and has already proven that he can deliver results. We look forward to feeling his impact on the development of our poker strategy.”

Bruce Stubbs most recent role was that of Project Manager on Betfair’s behalf for the World Series of Poker Europe, where he played a key role in the tournament’s success. He was also involved in the behind the scenes activity in securing Betfair Poker’s high-profile sponsorship of 19-year-old Norwegian poker prodigy Annette Obrestad.

“Betfair is a unique organisation that I have admired for some time, The brand values that Betfair extols fit with my personal views on how an online gaming site should operate and I think that they put Betfair in a unique position to become a major player in the online poker sector.” said Mr Stubbs.

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