Economy
Australian Sportsbook Fined for Targeting Problem Gambler
Newly launched Betr, an Australian online casino, and sportsbook has been found to have violated the Northern Territory online gambling code of conduct by targeting a self-excluded problem gambler. Despite being on the Northern Territory self-exclusion register, the player, known as Mr. M, was contacted by Betr via phone and text message, offering him the opportunity to open a new account on their site for the upcoming Melbourne Cup. As a result of this breach, the Northern Territory Racing Commission has fined Betr a sum of AU$ 20,655.
The story was heard nationwide, and countless anti-gambling advocates had their say. The CEO of the Alliance for Gambling Reform, Carol Bennett, urged officials to pull the green light on the national self-exclusion register.
The national self-exclusion register was developed and legislated to prevent these types of problems from happening, and it should have been implemented years ago. Bennett also added that the federal government should prioritize implementation as soon as possible to protect problem gamblers better.
Northern Territory Self-Exclusion Register
The NT self-exclusion register allows every player from Australia to self-exclude themselves from every gambling site that is licensed by the Northern Territory. The exclusion period can last days, weeks, months, years, or indefinitely.
Because Betr is licensed by NT, they also have to follow and stick to every rule and regulation that the NT requires. The NT gambling code of conduct is pretty clear that all players who voluntarily self-excluded shouldn’t be contacted by gambling operators, no matter what type of material they are promoting.
According to the NT Racing Commission, Betr has access to the complete list of players who are part of the self-exclusion register, and records show that they received this list. Initially, Betr did not comment on the case when it first came to light. However, there are reports suggesting that the two representatives from Betr who contacted Mr. M used outdated documents that did not reflect the player’s current status on the self-exclusion register.
The Breach
Reportedly, representatives from Betr contacted Mr. M between October 5th and October 10th. It is worth noting that Betr had only launched shortly before these calls and text messages were sent, which suggests that their representatives may not have had access to the full customer database that includes self-excluded players at the time. The aftermath of this incident saw officials of Betr contact all of its representatives and staff to specifically tell them to do clear checks of the database and verify that the customer isn’t on the self-exclusion register before sending any promotional material.
The Northern Territory Racing Commission released a statement indicating that, while Betr may be a newly established online gambling platform, its senior managers and staff members are not new to the iGaming industry. The CEO of Betr, Andrew Menz, previously served as the CEO of BetEasy and therefore has significant experience in the field and knowledge of the regulations and guidelines set by the commission for obtaining a license.
The Commission also added that the lack of leadership was the main problem, and even though with years of experience in the field, senior management somehow allowed employees to contact players without even considering they might be on the self-exclusion register’s list.
The Nation Self-Exclusion Register
Australian gamblers have been eagerly anticipating the implementation of the National self-exclusion register for nearly four years. The register was a component of the National Consumer Protection Framework for Online Wagering, which was legislated by the federal government in 2019. The responsibility for launching the register falls to the Australian Communications and Media Authority, but they have only made an announcement about BetStop and haven’t made much progress since then.
Final Thoughts
There have been additional instances of online bookmakers and casinos sending promotional material to players who have already self-excluded in the Northern Territory, as reported by the Alliance of Gambling Reform. They argue that the implementation of the national self-exclusion register should be a minimum measure taken by the government to prevent such incidents, similar to the case of Mr. M.
But, Communication Minister Michelle Rowland has emphasized that thorough security evaluations must be carried out before the National Self-Exclusion Register may go live. With over 100 Australian online casinos and sportsbooks sending millions of customer details to the register, adequate cybersecurity and data protection is critical for the safety and security of personal and banking information. It remains to be seen whether the essential steps will be implemented.
By Modupe Gbadeyanka
The federal government has been asked by the Nigerian Bar Association (NBA) to suspend the implementation of the controversial tax laws.
In a reaction to the tax reform acts, the president of the group, Mr Afam Osigwe (SAN), the suspension of the laws would allow for a proper investigation into allegations of alterations in the gazetted and harmonised copies.
A member of the House of Representatives, Mr Abdussamad Dasuki, alleged that some parts of the laws passed by the parliament were different from the gazetted copy.
To address the issues raised, the NBA said it is “imperative that a comprehensive, open, and transparent investigation be conducted to clarify the circumstances surrounding the enactment of the laws and to restore public confidence in the legislative process.”
“Until these issues are fully examined and resolved, all plans for the implementation of the Tax Reform Acts should be immediately suspended,” the association declared.
It noted that the controversies “raise grave concerns about the integrity, transparency, and credibility of Nigeria’s legislative process.”
“These developments strike at the very heart of constitutional governance and call into question the procedural sanctity that must attend lawmaking in a democratic society,” it noted.
“Legal and policy uncertainty of this magnitude has far-reaching consequences. It unsettles the business environment, erodes investor confidence, and creates unpredictability for individuals, businesses, and institutions required to comply with the law. Such uncertainty is inimical to economic stability and should have no place in a system governed by the rule of law.
“Nigeria’s constitutional democracy demands that laws, especially those with profound economic and social implications, emerge from processes that are transparent, accountable, and beyond reproach. Anything short of this undermines public trust and weakens the foundation upon which lawful governance rests.
“We therefore call on all relevant authorities to act swiftly and responsibly in addressing this controversy, in the overriding interest of constitutional order, economic stability, and the preservation of the rule of law,” the organisation stated.
By Adedapo Adesanya
Demand for hot stocks, including MRS Oil Plc, buoyed the NASD Over-the-Counter (OTC) Securities Exchange by 0.52 per cent on Tuesday, December 23.
The energy company was one of the three price gainers for the session as it chalked up N19.69 to sell at N216.59 per share versus the previous day’s value of N196.90 per share.
Further, FrieslandCampina Wamco Nigeria Plc gained N2.95 to close at N56.75 per unit versus N53.80 per unit and Golden Capital Plc appreciated by 84 Kobo to N9.29 per share from Monday’s N8.45 per share.
Consequently, the market capitalisation went up by N10.95 billion to N2.125 trillion from N2.125 trillion and the NASD Unlisted Security Index (NSI) rose by 18.31 points to 3,570.37 points from 3,552.06 points.
Yesterday, the NASD bourse recorded a price loser, the Central Securities Clearing System Plc (CSCS), which gave up 17 Kobo to close at N33.70 per unit against the previous trading value of N33.87 per unit.
The volume of securities traded at the session went down by 97.6 per cent to 297,902 units from the previous day’s 12.6 million units, the value of securities decreased by 98.5 per cent to N10.5 million from N713.6 million, and the number of deals remained flat at 32 deals.
By value, Infrastructure Credit Guarantee Company (InfraCredit) Plc ended as the most actively traded stock on a year-to-date basis with 5.8 billion units exchanged for N16.4 billion. This was followed by Okitipupa Plc, which traded 178.9 million units valued at N9.5 billion, and MRS Oil Plc with 36.1 million units worth N4.9 billion.
In terms of volume, also on a year-to-date basis, InfraCredit Plc led the chart with a turnover of 5.8 billion units traded for N16.4 billion. Industrial and General Insurance (IGI) Plc ranked second with 1.2 billion units sold for N420.7 million, while Impresit Bakolori Plc followed with the sale of 536.9 million units valued at N524.9 million.
By Dipo Olowookere
It was another bullish trading session for the Nigerian Exchange (NGX) Limited as it closed higher by 0.59 per cent on Tuesday.
The market further rallied due to continued interest in large and mid-cap stocks on the exchange by investors rebalancing their portfolios for the year-end.
Yesterday, Aluminium Extrusion sustained its upward trajectory after it further appreciated by 9.96 per cent to N14.90, as Austin Laz gained 9.81 per cent to close at N2.91, Custodian Investment improved by 9.69 per cent to N38.50, and First Holdco soared by 9.35 per cent to N50.30.
Conversely, Royal Exchange declined by 7.22 per cent to N1.80, Champion Breweries shrank by 6.57 per cent to N15.65, NASCON lost 5.36 per cent to trade at N105.05, Sovereign Trust Insurance depreciated by 5.28 per cent to N3.77, and Japaul went down by 4.51 per cent to N2.33.
At the close of business, 29 shares ended on the gainers’ table and 27 shares finished on the losers’ log, representing a positive market breadth index and bullish investor sentiment.
This raised the All-Share Index (ASI) by 895.06 points to 153,354.13 points from 152,459.07 points and lifted the market capitalisation by N579 billion to N97.772 trillion from the previous day’s N97.193 trillion.
VFD Group finished the day as the busiest stock after it recorded a turnover of 192.0 million units worth N2.1 billion, GTCO exchanged 63.5 million units valued at N5.6 billion, Access Holdings traded 49.8 million units for N1.0 billion, First Holdco sold 45.8 million units valued at N2.3 billion, and Secure Electronic Technology transacted 38.3 million units worth N28.4 million.
In all, market participants bought and sold 677.4 million units valued at N20.8 billion in 27,589 deals compared with the 451.5 million units worth N13.0 billion traded in 33,327 deals on Monday, showing an improvement in the trading volume and value by 50.03 per cent and 60.00 per cent apiece, and a shortfall in the number of deals by 17.22 per cent.
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