MK Sports-UAE regulator launches website, announces first lottery licensee

The UAE federal regulator recently launched its official website and named its first lottery licensee. The move is seen as a “potential emotional turning point” for investors who are watching the process of legalizing commercial gambling in the UAE.

The website of the General Commercial Gaming Regulatory Authority (GCGRA) in the United Arab Emirates lists a large amount of information such as license types and regulatory agency profiles. In addition, The Game LLC, the first operator to obtain a lottery license in the UAE, was also announced. The subsidiary of Abu Dhabi-based Momentum will operate as the Emirates Lottery.

Research house CBRE said in a report on Monday that the website launch itself was a “key marker and potential emotional turning point” that represents a major step forward in the UAE’s regulatory process. Analyst John DeCree said the move adds “legitimacy and transparency to the process” and should “further alleviate the investment community’s concerns about legalized commercial gambling in the UAE.”

As previously reported by the media, GCGRA was established in September 2023 to introduce a regulatory framework for commercial gambling and national lotteries. It is chaired by former MGM CEO Jim Murren and former executive director of the Missouri Gaming Commission Jim Mullaly as CEO.

DeCree pointed out that GCGRA’s website provides some clues about the possible regulatory framework in the UAE, including that the license may be permanent as long as the operator complies with regulations.

“While there appears to be an initial term and license expiration date, the license renewal process appears to be more administrative,” he wrote.

“This would make the UAE’s licensing environment more similar to Nevada than to Macau . and Singapore’s exclusive model, we believe public investors are likely to assign higher valuation multiples to UAE commercial gaming operations relative to jurisdictions where renewal procedures are less predictable or competitive. “

The UAE remains the next gaming frontier. We continue to believe that the UAE offers one of the most attractive gaming opportunities in the world today. GCGRA is comprised of well-established and experienced gaming industry veterans who have been rapidly developing industry-leading regulations.” , these rules have now become visible. The progressive thoroughness and depth of the licensing process will be welcomed by the investment community, which has been seeking transparency on global gaming expansion opportunities.”

Wynn Resorts is preparing to open its first in the UAE. Licensed Casino, has begun construction on a $4 billion integrated resort on the man-made Al Marjan Island in Ras Al Khaimah.-MK Sports