iGaming 2024: The Key to Multi-Jurisdictional Growth Through Compliance
The opportunities for growth in the iGaming sector around the globe are plentiful and ambitious operators will be keen to take advantage of them to expand their customer base going forward.
However, as markets expand, so does the complexity of remaining compliant across regulatory fragmented regions creating added expense and operational risk.
We caught up with Elisabeth Isaksson, Head of Regulatory and Compliance for iGaming tech leader, Soft2Bet to hear her thoughts on the increasing challenges faced by multi-region operators and most importantly, how they can leverage the latest tech to avoid common pitfalls and encourage sustained market growth across the regulated globe.
Soft2Bet has entered a number of new markets recently. How has your multi-jurisdictional journey gone so far? What have been the main challenges and successes along the way?
“The journey has been great. Busy, as you would expect, but exciting and rewarding in equal measure as we have moved forward and obtained licenses in key European markets. These were very important steps for us from a company strategy perspective as we wanted to expand our footprint in a significant way. It is immensely rewarding to look back and say we have achieved the goals we set for 2023.
“We have successfully received licences in Greece, Romania, Italy, Sweden, and Denmark and with more licenses to come in Portugal and in New Jersey in the US and Ontario in Canada, we are only beginning this journey.
“Achieving compliance with diverse and demanding jurisdictions is at times challenging, and it has required significant efforts from our teams and it represents a major triumph for Soft2Bet. It touches on every aspect of the business, including making sure the platform is compliant and flexible to support multiple solutions to satisfy complex regulatory requirements educating staff and set up processes to make sure our compliance obligations are met, and more.
“Whilst it is at times a challenging pursuit, it is also highly rewarding to see all the departments and people in the group come together to pursue a common goal. The phrase “it takes a village” comes to mind, when thinking of the new licenses and projects we have completed over the past few years and months, and I am happy to see the group continuously investing in new talented staff to contribute to our growth.”
What is the most effective strategy when choosing a new market to enter?
“In selecting new markets, our strategy involves a thorough analysis of factors such as costs, competition, product fit, timing, and compliance requirements.
“We take a level-headed approach to new market entries. First, a cost vs. value calculation needs to be made to make sure the entry costs as well as the ongoing costs are on a level where we can foresee a healthy ROI in a reasonable future timeline. Reviewing areas of overlap in regulation from one market to another also puts us into a space where we can understand if the compliance controls required for a market is something which we already have technical or operational controls for or if we need to implement new ones. For example, we benefited greatly from already successfully operating under our Swedish license when setting up a roadmap for a Danish market entry. Every jurisdiction is unique, and our decisions are based on objective assessments, ensuring a pragmatic approach aligned with the specific characteristics of each market. Having the right people, with a good understanding of the market is also crucial, not only for compliance but also for successful market penetration.”
It can be increasingly challenging and expensive to remain compliant, especially for multi-jurisdictional operators. What are the best ways for them to streamline this process and ensure sustained growth?
“At Soft2Bet we focus on streamlining processes and product implementations to make them as efficient as possible. This way we can ensure compliance at scale. Our methodology includes identifying commonalities and areas of overlap in compliance requirements across jurisdictions, and based on this we can establish a robust baseline, with a high degree of security and responsible conduct at the core, whilst maintaining flexibility to accommodate variations between licenses and create room for creativity. The efficiency of this approach is evident in our unique capability to swiftly and seamlessly penetrate diverse markets worldwide
“Quality assurance is also very important, involving continuous assessment of our compliance controls in the jurisdiction where we operate as part of our ongoing efforts to provide peace of mind to regulators, as well as partners and ultimately our players.
“It’s also worth noting that while compliance is very important for B2C operators, it plays a key role in attracting partners to Soft2Bet. We aim to build a flexible product, to meet different types of requirements, and continue our growth in both B2C and B2B. Indeed, our platform operates with compliance on a vast scale, this gives our B2B partners the ability to launch their own multi-jurisdictional at speed and with full functionality, whether concerning product, marketing, payments, anti-money laundering or responsible gambling initiatives. We offer a secure, adaptable and innovative product.
“At Soft2Bet, we want to emphasize the significance of our European licenses, particularly in Italy, Sweden, Denmark, and beyond, recognizing them as fantastic launching pads for our commercial developments. We can launch both B2C and B2B brands with optimal speed to market while our partners can activate their marketing and recruitment campaigns knowing they are operating in compliance with local regulations.
“I am sure our success will replicated in North America once we have navigated through the application process and launched new exciting brands in Ontario in Canada, and moving on to New Jersey in the US. These are both strategic and important jurisdictions in the region.”
As we look forward to the year ahead, what exciting new developments can we expect to see from Soft2Bet and how will they help to push the iGaming industry forward as a whole?
“Aside from getting the opportunity to attend events such as ICE, and being able to connect with existing and potential partners, we are looking forward to many new ventures this year. Me and my team are in particular looking forward to the new jurisdictions which we are about to enter, and together with the rest of the organization
“Further increase our reach, and launching exciting brands to new customers, We are also working hard to enhance our existing product and portfolio. New features are in the works for our gamification platform, the Motivational Engineering Gaming Application (MEGA). which will provide players with even more functionalities and reasons to engage with our product in innovative ways, aside from our extensive game portfolio. We are confident our continued pursuit of innovation will continue to create value for our brands, our partners and ultimately the players that enjoy our products.
“These endeavours tie neatly into our ongoing focus on mobile developments, UX and UI enhancements, whilst taking into account responsible gambling considerations to continue to sustainable growth.
“The past months and year have been incredibly productive for Soft2Bet and I eagerly anticipate the challenges and accomplishments of 2024.”
After speaking with Elisabeth, it’s encouraging to see that although operating in multiple jurisdictions has its complications, there are experienced solutions providers like Soft2Bet with a wealth of experience from across the globe. Thanks to innovative technology and products, this experience can now be easily leveraged by operators to assist in their global growth strategies in a sustainable way. We look forward to seeing the impact solutions like this have on the global iGaming community in the future.