A prominent software developer and content provider, OpenBet, has completed the acquisition of a leading wagering technology provider Neccton. OpenBet, as a part of the global Endeavor network, will use the acquisition announced on June 13 to integrate Neccton’s portfolio of responsible gaming, fraud detection, and anti-money laundering technologies to OpenBet’s content, platform, and services.
Improving Player Protection:
According to OpenBet, the acquisition of Neccton will be a vehicle to improve the player protection offerings across a range of platforms and services and simultaneously provide additional support to the wagering industry. The provider’s customers like DraftKings, Entain, Sky Bet, and more will get additional security of their operation in return for their loyalty to OpenBet as the supplier.
At the same time, the acquisition represents a natural step for Neccton after 15 years of its brand building in the field of software and service development for the gaming operators. The company was led by industry pioneers Dr Michael Auer and Andreas Schneeberger, who are among the worldwide recognized responsible gaming research authorities and, respectively, reputable AI and Machine Learning experts.
Jordan Levin, CEO of OpenBet, reportedly said: “Since the birth of online sports betting, OpenBet has been at the forefront of creating compelling and safe entertainment experiences built on solid technology foundations. We thrive on solving the most complex challenges our industry presents, and OpenBet’s acquisition of Neccton takes our commitment to player protection and AML to the next level.”
Cost-Efficient Technology:
Neccton’s technology is reportedly used in more than 30 countries and languages performing around 60 billion transactions and analyzing millions of live streams around the world. Its products, reportedly capable of processing tens of thousands of events per second, monitor players around the world using AI-based solutions. According to OpenBet, the products of its new subsidiary reduce the costs of the activities related to AML, responsible gaming, and fraud detection procedures to help operators and regulators ensure compliance of operations.
Levin reportedly continued: “Every CEO and regulator knows that player protection and AML capabilities need game-changing services like Neccton to deliver break-through ethical and fiscal solutions for our rapidly expanding industry. In 2022 alone, the industry saw record fines of more than $250 million for responsible gaming, AML, and compliance failures. Michael, Andreas, and the Neccton team are working at the intersection of data science and cloud-based artificial intelligence to research and solve this global challenge.”
Combination of Research and Software:
Dr Michael Auer, Managing Director of Neccton, reportedly added: “We have always held the belief that many of the world’s biggest problems can be solved through a potent combination of scientific research and advanced software. It’s an existential imperative for our industry. Our vision is to have Neccton technology deployed by the industry’s leading brands and shaping regulatory standards. With its 25-year track record, high compliance standards, and position as a leading partner for World Lottery Association members, there is no better partner than OpenBet to help us achieve that.”
The legal status of online casinos in India is complex and varies by state. While there is no federal law that explicitly addresses online gambling, the legality depends on state regulations and the type of gambling involved.
Key Points:
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No National Law: India does not have a specific national law regulating online casinos. However, the Public Gambling Act of 1867 prohibits operating physical casinos and gambling houses, but it doesn't cover online platforms, leaving a legal grey area for online gambling.
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State-Specific Laws: Some Indian states, like Goa, Sikkim, and Daman, have legalized land-based casinos, and others, such as Sikkim, have also licensed online gambling. Many states have banned gambling altogether, including online gambling.
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Online Sports Betting: Betting on sports, particularly cricket, is very popular in India. However, it's only explicitly legal in some states like Sikkim and Nagaland, which have laws permitting online gaming and betting.
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Legal Gray Area: Many international online casinos accept Indian players and operate legally under licenses from offshore jurisdictions (like Curacao or the UK Gambling Commission). As long as players are gambling on licensed platforms, the risk is minimal, but local authorities may still choose to regulate or restrict online gambling.
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Cryptocurrency: Some Indian players prefer using cryptocurrencies (like Bitcoin) for online gambling, as it provides a layer of anonymity and security.
While online casinos aren't explicitly legal across all of India, many international casinos accept Indian players, and online gambling continues to grow in popularity. Players should ensure they use licensed platforms and understand local laws before engaging in online gaming.
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