Bally's Japan cash risks UK licensing; compliance read-through

NEXT.io has published an investigation into Bally's Corporation and its connection to online casino operations in Japan, where online gambling is prohibited. The piece centres on the sale of Asian B2C assets that, according to the investigation, continued to operate in the Japanese grey market after the sale. The entity identified as operating those assets is Silverspin AB, a Sweden-registered, Malta-based company. The same company is reportedly linked to Kindred's former grey-market Norwegian operations.

The timing is significant. Bally's is currently seeking Betting & Gaming Council (BGC) membership and, by extension, is in the process of establishing a licensed retail and online presence in Great Britain under the UK Gambling Commission (UKGC).

In 2023, then-UKGC chief executive Andrew Rhodes wrote directly to the BGC warning that if a GB-licensed operator is found to be offering illegal gambling in another jurisdiction, that finding may raise questions about suitability to hold a GB licence. That letter is now directly relevant.

The UKGC suitability test is not limited to conduct under a GB licence. It encompasses the broader behaviour of an applicant or licensee, including activity in markets where gambling is restricted or prohibited. Rhodes's 2023 letter made this explicit to the BGC and its members.