Insight
RECRUITMENT & RETENTION Compliable
Chris Oltyan, CEO, Compliable
Compliable offers US sportsbooks a way to onboard and manage employees’ gaming licenses across multiple states, which cuts the time needed to get staff licensed from weeks to days, lowers the workload for compliance teams, reduces the costs related to licensing, and accelerates moving into new markets at a time when first mover advantage is critical. The company formerly operating under the name Rebric and completed a US$1.7m seed funding round in May, 2021.
Compliance: time consuming, repetitive and painful process?
After hundreds of Zoom calls with folks from different industries, we found ourselves talking with FanDuel and discovered the huge problem that they were having around getting team members licensed across jurisdictions. After further research, we learned that this was a widespread problem in the sports betting space and realised that we could actually repurpose a lot of our existing technology to solve those pains.
Online sportsbook employees in the US have to fill out over 60-page forms for multiple states in order to do their job. It is the roll of compliance teams to track all those forms and make sure they are completed correctly, all whilst keeping in touch with regulators across the jurisdictions in which they operate as regulations and forms are constantly changing.
With sportsbooks metaphorically jostling for first mover advantage as states continue to throw open their sports betting doors, onboarding vendors and affiliates are overwhelming stretched compliance teams with questions about navigating this complex landscape.
Chris Oltyan, CEO of Compliable, explains how his company's technology removes this hand-holding. Other than the time saved for compliance teams and licensees, Chris believes the biggest potential benefit may actually come from helping operators being ready to go the very second a new state goes live.
Could you tell us about Compliable and the journey that the company has been on since being under the guise of Rebric?
As Rebric, we had been building good momentum with some anti-money-laundering technology in the FinTech space. Our momentum screeched to a halt once Covid hit, and we realised we needed to shift to an industry that was growing during the pandemic.
After hundreds of Zoom calls with folks from different industries, we found ourselves talking with FanDuel and discovered the huge problem that they were having around getting team members licensed across jurisdictions. After further research, we learned that this was a widespread problem in the sports betting space and realised that we could actually repurpose a
P40 WIRE / PULSE / INSIGHT / REPORTS
lot of our existing technology to solve those pains. Why focus solely on the US?
Sports betting in the US has only really started to grow in the past three years, since the US Supreme Court struck down PASPA in 2018. In the surge that followed, each state that decided to legalise betting passed their own laws for granting organisational, vendor, and employee licenses.
In such a fast-growing market, these complexities make software like ours absolutely essential for multi-state operators who want to get to market quickly in emerging jurisdictions and win market share. While many of our current customers are based overseas, their existing licensing is nothing compared to the explosive complexity that the US market has unleashed.
What challenges do US sportsbooks face in securing, onboarding and managing employees' gaming licenses?
For one of our large sportsbook customers, it had been taking five weeks for new customer support employees to fill out and submit all the complex forms and fulfil other requirements to apply for the gaming licenses they needed to do their jobs. Licensees would fill out forms incorrectly and consequently have their forms rejected by regulators.
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