As the global iGaming market develops, remaining compliant within increasingly fragmented markets is an ongoing challenge and drain on resources, especially for multi-jurisdictional operators.
Now, with exciting new technology hitting the market, the iGaming industry has a great opportunity to streamline its compliance processes – and gain a much-needed competitive advantage.
We caught up with two leaders from future-focused compliance tech firm, BetComply, to hear their thoughts on the best way to manage compliance issues and, most importantly, on how to leverage the latest tech advances to achieve it.
Mike de Graaff: Co-founder and Chief Compliance Officer
Daniel Brookes: Interim CEO
What core values and principles does BetComply aim to embody in its business operations and customer relationships?
DB: “Trust and Integrity lie at the heart of everything we do and promote. Compliance consultancy sometimes has a bad rep as expensive, sluggish and restrictive; often overselling a project, overbilling, and restricting the commercial side of the business. We are here to change this.
“Our CRO David Schubert manages expectations and forecasts for all our clients so they know exactly when the project starts, what resources are available and what the delivery will look like.
“Our CCO Mike de Graaff ensures clients can trust us by only working with the best in the field, delivering according to the agreement and providing results. Every single week our clients receive accurate statements showing exactly what time has been used and what for. There are no surprises at the end of the month.
“Our team consists of highly experienced professionals who have been in all layers of the industry. We work alongside you as your compliance partner, so you can get to market faster and sustainably.”
How is BetComply utilising technology and innovation to enhance its services and remain at the forefront of the gambling industry?
MDG: “We have a very close relationship with our partners in this field, who constantly develop new tools and technology to streamline processes. Through Daniel we also have a strong network with Rdentify, allowing us to act swiftly in this fast-paced industry of ours.
“We understand the impact of development and lead the implementation of it in frameworks.
“We know AI is the way forward. But we are not there yet as an industry to be fully reliant on it. At this stage we are in, implementing AI and other technology should also be combined with a deep understanding of the human element of what we do.”
What is BetComply’s mission and long-term goal regarding responsible betting and compliance management?
DB: “The most complex issue we face within responsible betting and compliance management is balancing restrictions and freedom. You want to protect the vulnerable from excessive participation. You want to keep criminal activity out. And at the same time, players must have the freedom to participate in licensed betting.
“There’s an important balance between compliance and commercial considerations. For example, who do you target in your framework? Are you restricting valuable players unnecessarily? Are you compliant in the jurisdiction you are operating in? Is that framework future-proof? All these questions–and answers–are absolutely essential.
“For that reason, it is important to have consultants who know every layer of the industry, who have an intrinsic feel and understanding of the field of play – people whose vision is not limited to the narrow confines of basic law.”
As global iGaming regulation continues to evolve, how has BetComply adapted to evolving regulatory and legal frameworks in different regions and countries?
MDG: “Our consultants spent an allocated amount of time every week on research and development. It’s a must if you want to stay ahead of regulations and constantly develop as a company and as a professional.
“As we are deeply connected with partners, regulators, lawyers and providers we know what changes are incoming and how they are impacting all of us.
“The skill and basics are the same in each jurisdiction: You need to know who the regulator is, what their expectations are, what the laws and regulations entail and how to translate that into operational processes. Each jurisdiction has its own particulars. Ideally if the consultants are good enough, they know how to do their work and achieve winning results in any jurisdiction.
“If the moon starts regulating, BetComply will take you there. The rocket is already built.”
After speaking with Mike and Daniel it’s clear that being able to evolve alongside regulatory and legal frameworks is critical for successful iGaming operators going forward.
Utilising the benefits of progressive, leading-edge tech solutions from companies such as BetComply will enable the most ambitious brands to remain competitive, within the key proviso of still offering a well protected and fun gaming experience for customers.