Empty The Bank

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FATF’s warning on illegal and offshore gambling will resonate in Denmark. Last year, Spillemyndigheden secured a court order to block 178 unlicensed gambling sites, the largest such action in the regulator’s history. 

The case highlighted how illegal operators disguise their presence through multiple site variations, a tactic the FATF report also flags as a red flag indicator. 

Denmark’s approach reflects a wider pattern that FATF has tracked for years through its own grey and black listing system. Under this system, jurisdictions with weak AML/CTF controls face increased monitoring or reputational sanction.

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Within its investigation Black Cube named a number of Evolution employees which it had interviewed and reported to have provided information on the company that supported the intelligence firm’s claims.

An interview carried out by Black Cube with CEO of games developer Ezugi Kfir Kugler had allegedly confirmed that Evolution knowingly provided games in markets sanctioned by the New Jersey Division of Gaming Enforcement.

Spectrum conducted follow-up interviews with these employees who had “provided derogatory information relating to Evolution’s business practices”.

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Clubs fear the measure will jeopardise revenue from betting company sponsorships. Corinthians (Esportes da Sorte), Palmeiras (Sportingbet), and São Paulo (Superbet) alone hold contracts worth BRL350 million annually with betting firms.

One concern is the measure might force clubs to host matches outside the city to maintain their advertising agreements.

Stakeholders have yet to determine their response to the bills, with educational campaigns and collective actions on the agenda. Coordination with political leaders in the city of São Paulo is also under way.