SharpRank’s weekly updates on Compliance, Audit, Legislation, Ethics, & Regulation within the Sports Betting Industry.
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Topics 9/4/24:
- Giovanni Rocco Neto Appointed as Brazil’s Sports Betting Secretary
- Star Entertainment Faces Trading Halt Amid Financial and Regulatory Troubles
- ACMA Orders ISP Blocks on Illegal Gambling Sites
- SEC Introduces New Player Availability Reporting Rules to Boost Sports Betting Transparency
- MGM and BetMGM Enhance Responsible Gaming Initiatives for 2024 NFL Season
- Puerto Rico Expands Gaming Agents’ Powers to Police Level
- Louisiana Bans Bovada, Joining Growing List of Restricted States
Giovanni Rocco Neto Appointed as Brazil’s Sports Betting Secretary
Giovanni Rocco Neto has been officially appointed as the National Secretary of Sports Betting and Economic Development of Sports in Brazil, reflecting the government’s focus on regulating and promoting the sports betting sector. With a background in law and political science, and extensive experience in both public and private sectors, Rocco has played a key role in shaping legislation like PL 3626/23, which set rules and taxes for betting in Brazil. His responsibilities will include coordinating market development, ensuring the integrity of sporting events, preventing fraud, and fostering partnerships to combat illegality in sports betting.
Star Entertainment Faces Trading Halt Amid Financial and Regulatory Troubles
Star Entertainment Group’s shares were temporarily suspended from trading on the Australian Securities Exchange (ASX) after the company failed to submit its annual financial results on time, amid ongoing regulatory scrutiny over governance and operational issues. This suspension follows a report by the New South Wales Independent Casino Commission (NICC) highlighting the company’s slow response to anti-money laundering and counter-terrorism shortcomings identified in 2022. Facing a $1.4 billion asset write-down and implementing a cost-reduction strategy, Star Entertainment is also receiving government support to stabilize operations, while the industry closely watches how the company will navigate these regulatory and financial pressures.
ACMA Orders ISP Blocks on Illegal Gambling Sites
The Australian Communications and Media Authority (ACMA) has ordered Internet Service Providers (ISPs) in Australia to block access to four illegal gambling and affiliate websites—Casino Australia Online, Pokies.bet, Pokiesman, and Smart Pokies—joining over 1,026 sites already blocked since 2019 for breaching the Interactive Gambling Act. These sites were targeted for offering banned or unlicensed gambling services to Australians, often directly marketing to them using local slang. While players in Australia are not penalized for accessing these sites, the ACMA aims to reduce harm by targeting the operators and promoting self-exclusion through the national Betstop register.
SEC Introduces New Player Availability Reporting Rules to Boost Sports Betting Transparency
The SEC has introduced new player availability reporting guidelines for football, men’s and women’s basketball, and baseball, requiring schools to provide updates on player status three days before games, with final reports submitted 90 minutes before kickoff for football and by gameday for basketball and baseball; fines for late or inaccurate reports range from $15,000 to $100,000, aiming to provide transparency for the growing sports betting market, similar to systems already in place in the NFL, Big Ten, and MAC.
MGM and BetMGM Enhance Responsible Gaming Initiatives for 2024 NFL Season
MGM Resorts International and BetMGM are enhancing their responsible gaming initiatives for the 2024 NFL season by increasing GameSense® messaging at nine NFL stadiums and funding $440,000 in responsible gaming research. They are also expanding their partnership with the American Gaming Association to promote responsible gambling through new advertisements and comprehensive employee training. The efforts aim to raise awareness and support for responsible gaming practices among bettors and reinforce the companies’ commitment to gambling safety.
Puerto Rico Expands Gaming Agents’ Powers to Police Level
A recent amendment to Puerto Rico’s Gaming Commission law has enhanced the powers of its gaming agents, aligning them with those of regular police officers. Under the revised Act 81-2019, these agents can now make arrests, manage situations previously handled solely by police, and carry out detailed inspections and audits of gambling sites. This change aims to bolster the regulation of Puerto Rico’s growing gaming industry, including sports betting, casinos, and horse racing, by providing a more robust and professional oversight. Gaming agents will be trained at the Puerto Rico Police Academy to ensure they can safely and effectively enforce regulations and protect public and private interests within the industry.
Louisiana Bans Bovada, Joining Growing List of Restricted States
The Louisiana Gaming Control Board (LGCB) has taken action against the unregulated offshore sportsbook Bovada by issuing a cease-and-desist letter, demanding it stop operating in the state and allow Louisiana customers to withdraw their funds. This move aligns Louisiana with other U.S. states that have banned Bovada due to its lack of regulatory oversight and taxation, which contrasts with the licensed and regulated sports betting scene in Louisiana. LGCB Chairman Chris Hebert hopes that this action, along with similar efforts by other states, will prompt federal intervention to address the broader issue of unregulated offshore betting operators affecting the U.S. market.
Click here to read our latest blog post: Rates, Odds, Money Supply, and Jerome Powell
