Stride Gaming PLC UKGC update (2169H)
November 13 2018 - 6:37AM
UK Regulatory
TIDMSTR
RNS Number : 2169H
Stride Gaming PLC
13 November 2018
13 November 2018
Stride Gaming plc
("Stride Gaming" or the "Company" or the "Group")
UKGC update
Further to the Company's announcements of 2 August and 26
September 2018, the Company announces that Daub Alderney Limited
("Daub"), a subsidiary of the Company, has been fined GBP7.1m by
the Gambling Commission of Great Britain ("UKGC") for failings in
its anti-money laundering and social responsibility procedures.
After careful consideration, the Group has concluded that whilst
it believes the UKGC fine to be excessive and disproportionate, it
is not in the interests of the Group's stakeholders to appeal the
UKGC's finding or penalty.
The Board, having taken advice, remains of the belief that a
penalty of no more than GBP4 million would be appropriate,
particularly as the failings identified by the UKGC were procedural
in nature and did not involve any incidence of identifiable money
laundering.
Subsequent to the UKGC's initial findings, the failings
identified by the UKGC have been addressed in full. Furthermore,
the controls framework required to meet its licence conditions and
codes of practice have been assessed by Daub and the Company to be
effective. This has been achieved through a comprehensive
evaluation of that framework, supported by an independent review
carried out by Deloitte LLP. In order to provide further assurance
of the robustness of Daub's existing and ongoing controls and to
ensure that Daub is protecting vulnerable players, Daub has
commissioned Deloitte LLP to carry out biennial control audits in
order to independently assess the operating effectiveness of those
controls.
Nigel Payne, Non-Executive Chairman of the Company
commented:
"Stride Gaming considers that robust anti-money laundering and
social responsibility controls are extremely important. It
acknowledges and entirely supports the more robust steps taken by
the UKGC in recent years to drive improvements across the
industry.
"We remain disappointed with the particular circumstances of
this case and with certain factual inaccuracies which were
presented by UKGC to the Regulatory Panel in the course of the
proceedings, which we believe coloured the size of the fine that
has been imposed.
"We are of the view that both the industry and its regulator
must be as one in its combined attempt to better regulate the
industry and accordingly, we will be seeking to engage with the
UKGC to improve the robustness of the process that we have just
been through."
Enquiries:
Stride Gaming plc
Eitan Boyd (Chief Executive Officer)
Ronen Kannor (Chief Financial Officer)
www.stridegaming.com +44 (0) 20 7284 6080
Investec Bank plc (Nominated Adviser and Broker)
Chris Treneman
Ed Thomas
David Anderson +44 (0) 20 7597 5970
Hudson Sandler (Financial PR)
Alex Brennan
Hattie O'Reilly
Bertie Berger +44 (0) 20 7796 4133
The information contained within this announcement is deemed to
constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014. Upon the publication of this
announcement, this inside information is now considered to be in
the public domain.
About Stride Gaming plc:
Stride Gaming plc, listed on AIM, is a leading online gaming
operator. The Company operates a multi-branded strategy, using a
combination of its proprietary and licensed software to provide an
online gaming offering.
Stride Gaming's real money offering is presently focused on the
UK market, where it is licensed and only operates from the
regulated jurisdictions of the UK and Alderney. With a diverse
portfolio of more than 170 brands, Stride Gaming is the third
largest online bingo operator in the UK, and has over 25% share of
the UK online bingo landscape.
Stride Gaming operates a partnership platform, Stride Together,
through which the company licenses its proprietary platform to
gaming operators, media partners and retailers in the UK and
globally, enabling them to create an online presence for their
customers and enabling Stride to penetrate new verticals both
within UK markets and overseas territories.
Further information on the Group is available at:
www.stridegaming.com.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
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END
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