Good morning. Thailand published the draft casino law, signaling the speed at which the country is racing to liberalize the gaming industry. In Australia, the financial watchdog AUSTRAC has deemed Electronic Gaming Machines (EGMs) at the country’s pubs and clubs to pose a “medium and stable” money laundering vulnerability, lower than the “high and stable” vulnerability for casinos. The watchdog cites measures like mandatory cashless play and strict playtime limits as mitigating risks, though it still sees pubs and clubs as posing a medium vulnerability over the next three years. Meanwhile, the Philippines Department of Justice has put on hold the Bureau of Immigration’s 60-day deadline for foreign nationals working in Philippine Offshore Gaming Operators (POGOs) to leave the country.
What you need to know
- Thailand’s proposed casino draft law is open for public consultation until 18 August 2024 with Galaxy, MGM, LVS already declared for the race.Â
- Australia’s pubs and clubs pose a low-risk for money laundering, despite AUSTRAC’s warnings and likely increase in oversight.
- Philippines Department of Justice halts POGO worker exit deadline, to streamline phase out of industry by year-end.
On the radar
- SkyCity Auckland casino suspension period defined as Sept 9th-13th.
- Jeju Dream Tower casino with record visitor numbers in July.
- Philippines Charity Sweepstakes boss defamation files suit against YouTuber.
- Paradise Co. with 7.3% sequential increase in July 2024 gaming sales.
- Philippines authorities say 1,698 POGO workers deported since May.
AGB Intelligence
AUSTRALIA
Pubs and clubs likely low risk for money laundering
Australia’s financial watchdog (AUSTRAC) has classified the nation’s pubs and clubs as ‘medium and stable’ in regards to money laundering risks, but still warn that exploitation of the venues occurs, highlighting EGMs. A top industry veteran indicates that, while oversight by the financial watchdog is likely to increase, the use of such venues for large-scale money laundering is low and oftentimes impractical.
Corporate Spotlight
Know Your Enemy: An Interactive Guide to Online Gaming Fraud
Online gaming fraud is on the rise in the iGaming industry. In Q1 2022, there was an 85% increase in fake account registrations compared to Q4 2021. While players are undoubtedly affected by gaming fraud, iGaming platforms also suffer due to damaged reputations, huge financial losses, and legal consequences.
How 1xBet dominates the Asian market: conditions and approach
1xBet operates in several dozen countries in Asia, and the number of partners in this region is growing steadily, which indicates the effectiveness of the 1xPartners affiliate program. The brand offers favorable conditions and a modern set of tools for making money on the Internet.
Industry Updates
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