08.23.2022. Daily highlights

Tue Aug 23, 2022
  • Lawsuit for non-compliant accounting at Lottery.com

    Lottery.com has been named in a shareholder class action lawsuit over potential non-compliance with federal laws relating to accounting practices.

    Investor Preston Million called out the operator, claiming Lottery.com executives had made “materially false or misleading” statements relating to accounting. In light of the findings, the firm terminated the company’s president, treasurer, and CFO, Ryan Dickinson. To highlight the importance here, Lottery.com had “overstated” its available unrestricted cash balance by more than $30m.

    lottery.com suitAfter a series of updates on this case, Lottery.com was delisted from the Nasdaq stock exchange on August 22. The operator previously indicated that it would be unable to produce the mandatory financial statement documents required for a listing. To add, the firm is now facing a 60-day period in which it can submit a plan to restore its compliant listing. In the wake of the lawsuit filing, US lawyers The Portnoy Law Firm and Robbins LLP have also issued press releases. They invited disgruntled shareholders to seek representation in the class action lawsuit through their respective legal practices.

    Follow onlinegamblers.com to get updates as the case continues.

    Source: EGRglobal

    Roadblocks on the way to legal Sports betting in Kansas

    Only a couple of days ago, Kansas Governor Laura Kelly announced that Sports betting in Kansas would be permitted in early September. The worrying comments came just 24 hours after the news.

    Under Kansas statute, any proposed regulations must usually be reviewed by state bodies. This would include the Division of the Budget, the Department of Administration, and the Office of the Attorney General. However, the state’s legislature, seeking an expedited launch process, introduced a review by the Division of the Budget and the Department of Administration Review would not be required. This exemption leaves the Attorney General’s office as the sole reviewer of proposed sports betting legislation. In a statement issued by Kansas Attorney General Derek Schmidt’s office and attributed to public information officer John Milburn, the office highlighted the gravity of the task.

    kansas sportsbook

    Milburn explained that if the Attorney General’s office is the only reviewer that can identify errors committed by the agencies. And that affects millions of dollars in wagering activity so the office takes that responsibility seriously. He added that the Attorney General’s office has completed its thorough review of proposed regulations from the Kansas Lottery related to sports wagering. It has approved three of those regulations and returned the others to the Kansas Lottery, identifying specific shortcomings that must be remedied.”

    Milburn continued: “We look forward to the Kansas Lottery quickly resolving these legal problems and resubmitting the regulations.

    Read more about Sports betting in Kansas here.

    On the same topic:

    Catena Media targeting Kansas

    Catena aims to go live with sports betting affiliations on September 8, straight after Sportsbook will be legal in Kansas. It is the day the NFL season opens.

    Lottery Executive Director Stephen Durrell only recently came with an official speech confirming the news. As announced before, Kansas will be the fastest state to launch sports betting if the launch goes through in September.

    Catena Media is already posting pre-launch offerings to Kansas operators and plans for other upcoming US states, including Ohio (opening January 1, 2023), Maryland, and Massachusetts, potentially opening sports betting markets in 2023.

    Source: www.intergameonline.com; EGRglobal

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