INSIGHT US SPORTS BETTING Competing
Interests Soft2Bet
Ohad Straschnov, Senior
Compliance Director at Soft2Bet, explains why a careful balance must be struck between effective regulation and the ability to
conduct business in a profitable and sustainable manner.
Could you provide an overview of Soft2Bet's US operations?
Our turnkey solutions include front-end, back- end services that can create personalised design and layouts targeting specific audiences. We’re able to build custom functional capabilities allowing our clients to build their own functions and decide on navigation, content, and layout, as well as a bespoke bonus systems - features we offer globally and are looking to roll out in the US in the coming year.
Additionally, we will offer personal gamification features that can be customised to enhance user engagement and attract new users. We're currently in the process of expanding into the US, starting with the licensing procedure in New Jersey. Once approved, we plan to collaborate with a local licensed partner for a market access agreement and launch our brand in NJ this year.
Our goal is to offer a comprehensive package of services, including a top-notch platform, sportsbook solutions, CRM, payments, and security services. From there, we aim to penetrate the market and launch our B2C operation so we can demonstrate and showcase our technology to the market and attract other operators to use our technology.
P50 WIRE / PULSE / INSIGHT / REPORTS
What are the key compliance issues for Soft2Bet in the US?
Te licensing process may differ from one state to another, with each state involving unique and new requirements and unexpected challenges.
For Soft2Bet to achieve its goal of obtaining licences in regulated states as swiftly as possible, we must first understand and evaluate the licensing and technical requirements. Particularly any new and unique requirements that differ from other markets where the company already operates; e.g. special reporting, submission deadlines, special approval processes, etc.
High tax rates and advertising restrictions are also challenges that an operator such as Soft2Bet needs to face when entering the US. In order to overcome regulatory challenges, operators must maintain flexible and adaptable operations to any regulatory changes that take place, whether it relates to advertising restrictions or any other challenging requirement.
Artificial intelligence is playing a key role in shaping the future of Soft2Bet's product development and growth, particularly with
Ohad Straschnov Senior Compliance Director Soft2Bet
Our goal is to offer a comprehensive package of
services, including a top-notch platform, sportsbook solutions, CRM, payments, and security services. From there, we aim to penetrate the market and launch our B2C operation so we can demonstrate and showcase our technology to the market and attract other operators to use our technology.
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