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KPMG Releases Malta eSummit Report 2017

Malta eSummit Report 2017 Launched by KPMG

KPMG proudly announces the online publication of the KPMG Malta eSummit Report 2017.  The eSummit Report provides an in-depth account of the event which took place during SiGMA 17 on November 24th, which brought together key industry experts to examine the trends, risks and challenges for all those working in the eGaming sector.

SiGMA igaming KPMG conference

KPMG Conference at SiGMA 17

The 95 page report features a detailed summary of all the sessions from the day which include a fascinating look at how the media is attempting to re-write gaming regulations, battle of the continents, an overview of the new Dutch legislation, the economics of player Behaviour, KPMGs #WeAllWantToPlay Diversity Initiative, a Masterclass on European gaming regulation by the esteemed International Masters of Gaming Law (IMGL) and key areas oscillating around operator compliance such as AML, the cloud, reputation and regulatory divergence.

The Report is available to view or download here.

Preparations for SiGMA18 are already well underway. The organisers are eager to cooperate with KPMG Malta to keep up the impeccable commitment to quality content that has been displayed so far.

 

ATTEND: AML & tax workshop for gaming by KPMG

Date: Thursday 22nd June 2017
Time: 8:30 – 12:30hrs
Location: The Hilton Hotel, St Julian’s – Portomaso Suite

AML Workshop – “The good, The Bad and the Ugly”

Lawrence Hanlin (Regulatory & Forensic Consultant at KPMG Isle of Man & Gibraltar) will share his experiences on what he is seeing globally within the gaming sector in the form of case studies. He will also share his insight on what is going to effect the sector in the near future. Furthermore, Lawrence will discuss other initiatives that will support the sector and provide guidance through the trickier times ahead. A good example will be the current rounds of AML jurisdictional assessments that are taking place globally. This is particularly pertinent to European jurisdictions who have yet to be assessed for compliance by MONEYVAL in the coming months.

KPMG eSummit

Russell Mifsud speaking at KPMG eSummit during SiGMA16

Tax Update – “The Changing World of Tax Reporting”

The OECD and the EU have recently introduced a global reporting standard that requires multinational enterprises to annually file a comprehensive group tax report in every jurisdiction where they have a tax presence. The report is designed to show global tax information of the multinational group and of its constituent member entities. For every member entity of the group that is tax resident in a jurisdiction that has implemented the Country-by-Country tax reporting standard, a general obligation is imposed to provide a report not only of its local activities but also to provide a complete tax-picture of the group, showing the relevant tax information of every other entity within the multinational group. The report is then to be exchanged between tax authorities of the countries where the multinational group is present. Apart from the significant tax obligations at group and entity level that this creates, the potential to trigger tax investigations across multiple jurisdictions is a concern well deserving of timely attention.

Agenda

08:30 – 09:00   —   Coffee & Registration
09:00 – 10:15   —   AML Workshop
10:15 – 10:45    —   Coffee break
10:45 – 12:00   —   Tax Update
12:00 – 12:30   —   Q&A

For more information, kindly get in touch with Mr. Russell Mifsud – russellmifsud@kpmg.com.mt

Juanita Brockdorff
Partner
Tax Services
KPMG in Malta

Lawrence Hanlin
Risk Consulting Manager
Advisory Services
KPMG in Isle of Man and Gibraltar

Russell Mifsud
Senior Manager
Gaming
KPMG in Malta

 

KPMG to hold seminar on the new Data Protection Legislation

KPMGLast year the European institutions announced a new data protection framework known as the General Data Protection Regulation (GDPR). GDPR is not just a new piece of legislation for data governance across the EU but it introduces significant changes to the IT operations and the way that businesses within and outside the EU process personal data of their EU resident customers.

The regulation takes effect in May 2018 and the extent of transformation in data processing is likely to cause significant business disruption if not addressed early enough and appropriately. Research shows that people are becoming increasingly concerned about the ways their data is processed. This is causing lack of trust in data processing changing the behavior of users, where they may give out false personal information or avoid using the service altogether. Moreover, GDPR introduces significant fines of up to 4% of global turnover for organizations that fail to comply with the new regulation.

KPMG eSummit

Russell Mifsud speaking at KPMG eSummit SiGMA16

KPMG is inviting the public to a two-session seminar. During the morning session, they will explain key aspects of the new regulation, the difference between the current Data Protection Act and GDPR, and practical implications for compliance.  During the afternoon session, they will be looking at data management implications of GDPR and how the SAS suite of solutions can help you address various aspects of your compliance needs. You can choose to attend either or both sessions.

The seminar is being held exclusively for executives from the gaming industry to enable a fruitful interactive session where you will be able to understand the position of your peers and learn more about the legislation from professionals who have experience in the field of data protection and privacy.

The morning session will be addressed by Ian Deguara / David Cauchi from the Office of the Information & Data Protection Commission, Dr. Antoine Demicoli, a lawyer specializing in Data Protection legislation, and Milda Petraityte, a specialist in Cyber Security and Privacy with direct experience of GDPR activity. The afternoon session will be delivered by Brad Hathaway, a data management specialist from SAS Software.

This event is designed for executives from the gaming industry, with responsibility for data protection, privacy and systems.

Date: 4th April 2017
Time for morning session: 9:30 to 12:30
Time for afternoon session: 14:00 to 16:15
Location: Intercontinental Hotel, St. Julian’s

If interested in attending, you are asked to kindly confirm your attendance by filling in and returning the attached form below. A fee applies for the morning session whereas the afternoon session is free of charge. Bookings are essential for both sessions. You are also invited to contact Amy Pace at mt-fmcioagenda@kpmg.com.mt or +356 2563 1033 for further information.

Registration Form KPMG

Are you a startup? Then apply for the SiGMA Startup Pitch 2017 and meet hungry investors. View Startup Pitch 2016 gallery here.

KPMG has acquired P5+ Management Ltd

International audit tax and advisory services company KPMG has recently acquired P5+ Management Ltd. (P5+) which is a talent advisory firm that offers management acquisition and retention advisory services as well as customised people development programmes.

The company will be renamed KPMG Talent (P5+) and is led by Malcolm Pace Debono who has been appointed a director in KPMG. His appointment brings the firm’s engagement leaders to thirty-one. The P5+ team comprises of over nine talented management specialists which include resident consultant Ph.D’s in the field.

KPMG’s game plan involves strengthening their people and change service offering. This acquisition falls in line with their vision to be the ‘Clear Choice’ for their clients as they continue to grow and innovate their service offerings.
They also expressed how this will enable them to offer clients a more “holistic suite of talent management, acquisition and retention services in a climate characterised by significant human resource shortages and challenges.”

You are invited to contact Mr Malcolm Debono (mpacedebono@kpmg.com.mt)  or Mr Tonio Zarb directly who would be more than willing to provide any assistance in this area.

Betfred Completes Refinancing Package Worth £195 Million

UK independent bookmaker Betfred’s governance has confirmed that is has officially completed a £195 million refinancing package.

The financing comes as Betfred moved to complete its £55.5 million acquisition of 322 retail betting shops from newly merged FTSE enterprise, Ladbrokes Coral.

The bookmaker’s senior debt package has been supported by four UK banks; RBS, Barclays, Lloyds, and Yorkshire Bank, with auditor KPMG acting as lead debt advisory for the operator.

The new banking facility refinances an already existing package and provides the financial ammo to complete the deal.

Commenting on the refinancing package, Financial Director at Betfred, Nicola Barr, said: “It was great to have strong support from the local banking community to support the company in this significant transaction.”

By winning the UK Competition and Markets Authority (UK CMA) bid for Ladbrokes and Coral shops back in October, which had to be put for sale in order to meet industry competition standards, Betfred increased its UK retail betting portfolio to +1500 betting estates.

KPMG Head of Debt Nick Dodd issued a deal note commenting on the refinancing package arrangement: “Investment to develop a multi-channel offering and the in-shop experience for customers, particularly through the digitisation of outlets, is a real focus for established bookmakers as they respond to the challenge presented by online competitors.

“We expect to see more firms seek external funding to fuel their expansion and build on strong growth in the industry.”

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KPMG to Aid Creation of National Self-Exclusion Platform in the UK

The Remote Gaming Association (RGA) have officially recruited professional service company KPMG to assist in the creation of the online gambling self-exclusion system in the UK.

The company will initially assist the trade body by undertaking a scoping study which will help to shape the development of the National Online Self-Exclusion Scheme.

It will then support and advise the RGA during the implementation process which could take place before the end of 2017.

The National Online Self-Exclusion Scheme (NOSES), has been in development since February this year, when the Gambling Commission (UKGC) decided that the industry itself, through the RGA, would be responsible for the creation of a national online self-exclusion system.

RGA chief executive Clive Hawkswood commented: “Self-exclusion can be a vitally important tool, especially for problem gamblers or those who are at risk of developing problems.

“Self-exclusions have long been offered on a company basis, but in terms of consumer protection it will be a huge step forward to have a single national scheme of the type envisaged by government and the Gambling Commission.”

He went on to say that establishing a cross-industry system of this sort will raise a host of complex legal, technical and governance issues, adding: “We are therefore delighted to have retained KPMG to help us successfully navigate our way through all of these details with a view to having everything in place before the end of 2017.”

In addition to providing consumers with a single process where they can self-exclude themselves from all online gambling operators, the NOSES website will also set out other measures that can help people to manage and control their gambling, and will signpost specialist advice and support services for those who might benefit from them.

Paul Hope, UKGC programme director, commented: “We are very pleased that the RGA is developing the scheme on behalf of the online sector. The Commission will work with the RGA to achieve our shared objective of a scheme that is focused on what works best for people that would benefit from using it.”

KPMG will also be showcasing at SiGMA16; Malta’s biggest gaming event of the year. If you are interested in watching KPMG and other exhibitors in November, click here to register for this iGaming summit today.

William Hill Approaches KPMG for Digital & Technology Review

According to UK business news sources, William Hill has approached KPMG consultancy to undertake a strategic review focusing on the digital and technology operations of the company.

The consultancy review follows William Hill’s May financial update which saw the operator post an 11% net revenue decline in its digital division, with declines in both online games and sports betting at -4% and -17% respectively.

In 2015, in order to develop in-house technology competencies, William Hill implemented ‘Project Trafalgar’, a new proprietary platform, aiming to extend user engagement between its desktop and mobile offerings.

Mobile integration difficulties during the initial rollout of the platform, however, would impact betting growth within the firm’s UK market. William Hill governance would declare that initial expectations of ‘Project Trafalgar’ had not been met, but that the company was committed to the platform’s long-term viability.

In the opening half of 2016, William Hill’s governance has undertaken a restructure of its digital leadership, appointing Crispin Nieboer as Managing Director of Online, replacing Andrew Lee.

During the first half, the FTSE-listed operator revised its full-year earnings to the range between £260-280 million, compared to the original target of £300-318 million, and William Hill’s share price fell from 410p in February to 281p this June.

William Hill governance states that the company will continue to expand its technology capabilities, outlining its recent £275 million joint-venture acquisition of OpenBet, market-leading betting platform provider, with Canadian firm NYX Gaming.

KPMG will be showcasing at SiGMA16, Malta’s biggest upcoming gaming event of the year. If you would like to come and see KPMG along with other exhibitors at this iGaming summit in November, click here to register.

Russell Mifsud

Russell is the Associate Director at KPMG Malta. He is specialised in servicing clients in both the gambling and digital gaming sectors. He strives to anticipate new trends on a global scale, in order to best advise entities about opportunities within the industry. Strategic initiatives, jurisdictional analysis, disruptive technologies, licensing, affiliate marketing, M&As and gamification are some of the aspects that he focuses on.

Relive the highlights from our last show and stay tuned for this year’s SiGMA. Watch out for what we’re branding as the ‘iGaming Village’ this year.

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