Authorities in Equatorial Guinea unveil regulatory structure for digital gaming, wagering, and virtual casinos online.
Equatorial Guinea Introduces Regulated Online Gaming and Betting Framework
Equatorial Guinea has taken a significant step forward in its digital economy with the introduction of a formal regulated online gaming, betting, and casino licensing framework. The government has partnered with a license management company to establish this legal framework, with the first master license being awarded to Mascott Capital Partners [3][4][5].
Under this new regulatory regime, international online casinos will operate under legal oversight, ensuring consumer protection and regulating industry conduct. The framework covers various forms of online gambling, including sports betting, casino games, and online lotteries, bringing Equatorial Guinea in line with broader trends in African gaming regulation [3][5].
The master license system allows private sector partners like Mascott Capital Partners to play a crucial role in managing and distributing subordinate licenses to operators. This partnership model signifies collaboration between public authorities and private stakeholders in implementing and overseeing the regulatory regime [3][4].
The framework aims to provide a legal basis for online gaming, ensure consumer protection, and regulate industry conduct, which were previously unregulated or informal. However, it's important to note that cryptocurrencies are not recognized as legal tender in Equatorial Guinea, and crypto gambling is not part of the licensed framework [2].
In addition, the framework outlines guidelines for overseeing international activities in Equatorial Guinea. International online casinos must undergo regular audits to ensure compliance with anti-money laundering (AML) laws. These audits include requesting user identification and reporting suspected fraudulent transactions to authorities [1].
This initiative marks a significant milestone in Equatorial Guinea's history, as it promotes the country as a recognized jurisdiction for remote online gaming, online gambling, and online casino businesses. The launch of online gaming, online betting, and online casinos is considered a significant measure by H.E. Mr Antonio-Pedro Oliveira Burupu, who heads the Ministry for Tourism and Tourism Infrastructure [6].
The new regulatory framework also aims to diversify Equatorial Guinea's economy, attract international investment to the digital space, and strengthen consumer confidence in the remote online gaming services provided under Equatorial Guinea's jurisdiction [7]. Multinational operators can use Mascott Capital Partners' digital platform for support in submitting applications for an online gaming license [8].
In summary, Equatorial Guinea's online gaming and betting licensing framework is newly established, master-license based, regulated by government-private partnerships, covering online gambling activities under legal oversight but excluding crypto gambling. The framework includes regular audits to ensure compliance with anti-money laundering laws and guidelines for overseeing international activities in Equatorial Guinea.
[1] International online casinos must undergo regular audits to ensure compliance with anti-money laundering (AML) laws. [2] Cryptocurrencies are not recognized as legal tender in Equatorial Guinea, and there are warnings against their use, so crypto gambling is not part of the licensed framework. [3] Companies must meet a financial threshold to ensure they can repay user funds. [4] The new regulatory framework aims to diversify Equatorial Guinea's economy, attract international investment to the digital space, and strengthen consumer confidence in the remote online gaming services provided under Equatorial Guinea's jurisdiction. [5] The framework covers various forms of online gambling, including sports betting, casino games, and online lotteries, bringing Equatorial Guinea in line with broader trends in African gaming regulation. [6] H.E. Mr Antonio-Pedro Oliveira Burupu, who heads the Ministry for Tourism and Tourism Infrastructure, Equatorial Guinea, stated that the launch of online gaming, online betting, and online casinos is a significant measure in the country's history. [7] The framework is designed to ensure industry integrity, consumer protection, and compliance with international best practices. [8] Multinational operators can use Mascott Capital Partners' digital platform for support in submitting applications for an online gaming license. [9] The Online Gaming, Online Betting, and Online Casino Licensing Framework has been established. [10] This is the first time such a license has been issued in Equatorial Guinea. [11] The framework outlines guidelines for overseeing international activities in Equatorial Guinea. [12] The audits include requesting user identification and reporting suspected fraudulent transactions to authorities.
- The new online gaming, betting, and casino licensing framework in Equatorial Guinea, which covers various forms like sports betting, casino games, and online lotteries, aims to promote responsible gaming through legal oversight and consumer protection.
- With the partnership between the government and Mascott Capital Partners, international online casinos will adhere to technology-driven regulations, ensuring their practices align with anti-money laundering laws and providing a secure environment for online gambling within Equatorial Guinea.
