UK lottery loophole may be shutdown as licence for lottery betting is granted by MGA

A betting loophole that allows gambling websites to offer cut-price bets on the EuroMillions lottery draw is intended to be closed by the government as it takes “money away from good causes”.
UK lottery loophole may be shutdown as licence for lottery betting is granted by MGA

A betting loophole that allows gambling websites to offer cut-price bets on the EuroMillions lottery draw is intended to be closed by the government as it takes “money away from good causes”.

Although the Gambling Act prohibits betting on National Lottery games, websites get around the law by offering Bitcoin bets in other countries, such as Spain. The loophole allows Britons to place bets on the outcome of the EuroMillions draw with a £2 stake on websites such as Lottoland.
Lotteries minister Tracy Crouch has commented on the loophole saying: “We want to act to ensure that money going to good causes is protected and that there is no confusion around the EuroMillions draw, providing the same levels of clarity as there is with the National Lottery.”

The government intends to change licence regulations to stop the practice. However, elsewhere in the world, the Malta Gaming Authority has awarded Lotto Warehouse with the first B2B Class 4 platform licence, allowing the company to host and manage betting on the outcome of lotteries.

The Malta-based company was set up in the final quarter of 2016 and will now be allowed to offer other operators the chance to add a portfolio of lottery betting products to their platforms, from standard betting platforms to a design-customised portfolio.

Commenting on the issuance of the licence, Thomas Biro, Lotto Warehouse CEO says: “We are very excited to be able to offer licensed B2C operators the chance to add an exciting new lottery betting vertical to their platforms.

“Following an extensive jurisdictional search, we decided to establish ourselves in Malta, Europe’s true gaming business capital. The MGA is a rigorous, yet flexible regulatory body of international repute providing an all-encompassing gaming eco-system which will allow us to plan ahead.

“I am grateful to the MGA staff and their Chairman, Mr Joseph Cuschieri, for their understanding, professionalism and full cooperation throughout this process. I would also like to thank Mr Reuben Portanier of Avviza Advisory who assisted us throughout the licensing process.”

MGA Chairman, Joseph Cuschieri adds: “The Malta Gaming Authority is pleased to be issuing its first B2B licence to offer secondary lotteries to Lotto Warehouse, following the completion of a rigorous licensing process. Throughout this process, Lotto Warehouse proved to be a very serious operator, with extensive industry knowledge.”

Source: Gambling Insider

Categories
Lotteries NewsWORLD GAMBLING NEWS

RG MAGAZINE Gambling and Social Responsibility
No Comment

RELATED BY