Online Gambling Compliance: Wag.io announces new partnership with Videoslots following punishing regulatory crackdown in United Kingdom
Wag.io, a web-based platform that gives affiliate managers in the industry more control over their affiliates, has signed a deal with Videoslots in the wake of the online casino’s recent regulatory woes with the UK Gambling Commission. The online gambling industry continues to be buffeted by heavy fines from hawkish regulators, pressuring online gambling operators to crack down on their compliance in protecting players and preventing money laundering.
Wag.io – December 6th, 2018 – In the wake of another dismal week for operators in the online gambling sector, Wag.io today announced that it had welcomed Videoslots to its intelligence affiliate compliance platform as their latest partner. Videoslots, which was one of the operators in the firing line from regulators, is moving quickly to reaffirm its commitment to regulatory compliance and the protection of players on its platform.
Since launching in 2011, Videoslots has emerged as one of the best-known online gambling brands, offering players over 3,000 games. The online casino has won multiple industry awards, including individual awards for customer service, casino manager, compliance, and product from iGaming Idol in 2016 and 2017.
The news follows shortly after the UK Gambling Commission (UKGC) took sweeping regulatory action against UK-licensed online gaming operators in November 2018. Almost £14m ($17.8m) of fines were issued to Daub Alderney (£7.1m, or $9.9m) and Casumo (£5.85m, $7.4m) for failing to uphold stringent player protections as well as being in breach of the United Kingdom’s money laundering policies.
Videoslots was also targeted by the UKGC, which issued a penalty package of £1m in lieu of the financial penalties received by Daub Alderney and Casumo.
Videoslots’ executive board has accepted the Commission’s findings of weakness in its management of anti-money laundering and social responsibility and is now working to rectify this.
“We’re pleased to welcome Videoslots as our latest client and help them to underscore their dedication to compliance and responsible gaming. While their recent findings were not fully associated with non-compliant ads from their affiliates, our partnership marks their commitment to compliance across all aspects of their business,” said Roo Wright, CEO of Wag.io.
“The message coming from governments and regulatory bodies worldwide is loud and clear: ‘comply – or die.’ This zero-tolerance approach means that operators must now be focused on their commitment to compliance. That is a big challenge, but one that we believe the industry can rise to meet, especially by embracing technology, such as Wag.io, which makes the process easier.”
Wag.io is an intelligent, web-based platform that gives affiliate managers more control and efficiency in the day-to-day management of their affiliates to protect brand identity and ensure compliance. The intuitive platform increases productivity, which in turn allows besieged operators to drive more focus onto other aspects of regulatory compliance.
While the current round of crackdowns from the UKGC may be finished, the Commission has made it clear that operators are not out of the firing line yet, reinstating its commitment to hunting down any examples of non-compliance in the 2,794 licensed gambling operators it oversees. The UKGC’s CEO, Neil McArthur, has indicated that the regulatory body will not only be taking regulatory action against businesses failing to comply but also senior management within the organisations who are deemed responsible for any such failings.
The message was further amplified by Jeremy Wright, Secretary of State for the British government’s department of Digital, Culture, Media, and Sport, who added that: “protecting vulnerable consumers is our prime concern – I am pleased to see the Gambling Commission taking the strongest possible action when companies fail to meet their obligations.”
As 2018 draws to a close, many industry leaders are contemplating what 2019 may hold in store. Much like 2017, 2018 saw regulatory bodies worldwide take a heard line for online casinos failing to comply, with multi-million-dollar fines raining down hard for infractions.
Please visit http://www.wag.io for more information about Wag.io’s seamless affiliate management and affiliate compliance programs, or to find out how the company is helping global casinos and websites in the online gaming industry to meet their regulatory obligations.
For all general and media inquiries, please contact Roo Wright – [email protected]
Roo Wright – [email protected]
Wag.io is a new, intelligent platform that enables affiliate managers to gain efficiency, brain exposure, and control over their affiliates to protect brand integrity while seeking out new partnership opportunities via an innovative, web-based application. In turn, affiliate managers can streamline their work to become more productive. For more information about Wag.io, please visit the company’s website.
About Roo Wright
Roo Wright has over 12 years’ experience as an affiliate manager, designer, and creator of affiliate tracking software. Wright is a former super affiliate and operator of white label gambling sites with a unique perspective on the online gambling affiliate space.
SBC News: https://www.sbcnews.co.uk/featurednews/2018/11/29/ukgc-fines-casumo-videoslots-for-multiple-player-safeguard-failures/
UK Gambling Commission: https://www.gamblingcommission.gov.uk/home.aspx
The Guardian: https://www.theguardian.com/business/2018/nov/29/online-casinos-fined-14m-amid-watchdog-crackdown
iGaming Idol: https://igamingidol.com/
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