MYKOLA MASHKOVSKYI Chief Executive Officer KYCAID
MAX SEVOSTIANOV Chief Operating Officer BETBAZAR
Navigating Latin America Taking Responsibility
G3 sits down with KYCAID’s Mykola Mashkovskyi and BETBAZAR’s Max Sevostianov to learn more about the challenges facing operators and regulators in Latin America and how these can be overcome.
What are the biggest challenges facing iGaming businesses who want to launch their product in Latin America in a way that adheres to all applicable local RG laws?
Max: In the LatAm market, operators currently face a complex patchwork of regulations – particularly when it comes to responsible gaming. Compliance differs widely across the region’s various jurisdictions and – on top of that – businesses must also contend with infrastructure limitations such as underdeveloped payment systems and fragmented access to verification services. All this obviously places an additional burden on operators who, consequently, have to find a way to balance the drive to expand with the need to uphold responsible gaming practice in each market.
Mykola: Te Latin American iGaming market offers substantial growth potential, but operators face challenges such as complex payment processing, varying regulatory environments and the risk of money laundering and fraud. Navigating strict financial regulations and having limited access to traditional banking services, along with the diverse stages of online gambling legalisation across the various countries, adds to the complexity of launching compliant products.
Given that the regulatory framework across Latin America varies from country-to-country – and in some cases, even province-to-province – how important is it that operators differentiate their approach to RG?
Max: Tis is obviously one of the key considerations in the LatAm market and I think in many respects it’s a similar situation to what we’ve seen in the U.S., where legislation is dictated on a state-by-state basis. In Latin America, what works in one country may not be compliant in another, so operators must take a more granular approach. In many cases, unique restrictions and compliance requirements are imposed from province to province, so operators must work closely with local regulatory bodies to ensure they follow the correct rules and implement best practices that have been tailored to the specific cultural or legislative environment of each targeted market.
Mykola: Due to the varied regulatory landscape across Latin America, iGaming operators need to customise their responsible gaming practices for each market. Non-compliance with local RG laws can lead to penalties, reputational harm or even business closure. Operators must carefully research the specific requirements in each region – including age verification, affordability checks and advertising restrictions – to ensure compliance and protect vulnerable players.
Do you think operators also have a responsibility to educate customers on what they are and why they’re important – particularly in regions like LatAm, where both concepts are still relatively new?
Max: Absolutely. Educating customers on responsible gaming protocol and the importance of KYC verification isn’t only a matter of compliance – it’s also a key factor in building trust in emerging markets like LatAm.
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