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Denmark’s gambling authority, Spillemyndigheden, has announced that it has fined Tipwin Limited DKK100,000 ($14,487/€13,417) for breaching its licensing conditions.
The regulator initially reported Tipwin to the police on 23rd of June 2023. In the official police report, Spillemyndigheden stated that the operator had breached sections 7(1) and 8(1) of the Anti-Money Laundering Act with regards to the provision of land-based gambling products and services. The report also alleged that Tipwin breached section 8(1) cf. 26(1) in relation to its online gambling products.
Following an investigation, Spillemyndigheden found that Tipwin had failed to prepare a risk assessment process for the sale of its land-based gambling products and services. It also did not have sufficient procedures in place for the supervision and implementation of anti-money laundering (AML) protocols as required by its license conditions. The company had none of these procedures in place until 16th May 2022. These breaches were largely in relation to the use of self-service terminals, prize receipts and credit vouchers.
The company was also found to have similar discrepancies in its online business.
The financial penalty was originally issued on July 3rd 2023 while Tipwin accepted the penalty on September 1st 2023.
In August, Spillemyndigheden reported that it had blocked 49 illegal gambling websites and that it would change the frequency of blocks from once per year to twice a year. The regulator also fined an unnamed streamer for illegally promoting gambling products.
So far in 2023, gambling regulators across the globe have issued a total of €361,096,671 ($390,186,170/£310,337,195) in fines and penalties.
Gambling industry journalist with a background in online poker and trading. Covering the regulated U.S Sports industry and the exciting world of online poker.
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