ICE PREVIEW
The Big C-word: Why compliance rules the iGaming world
Players may rarely notice it, but compliance infl uences everything – from opening an account to how games are built and advertised. As global regulations tighten, understanding this vast framework has never been more crucial for operators, as the team of experts from iGaming regulatory compliance consultants, BetComply, explain…
C
ompliance -– the big scary C-word that seems to creep up everywhere in the iGaming industry and the more you look, the more things seem to revolve around it. It is not a secret or a surprise to anyone that we operate in an industry that is one of the most regulated in the world, of course depending on where in the world you and your operations are located as well as the logo of the regulatory body you are displaying on the footer of your website. However, to get a bird’s eye view of all the land compliance touches, let’s zoom out.
COUNTLESS REGULATIONS In certain jurisdictions, for example the United Kingdom and Netherlands, licensed operators have countless regulations which directly concern the operators and how they conduct business, affecting any user wishing to use their services. The fi rst touching point is the information which players must provide to open an account, what Know Your Customer (KYC) measures must be in place and how much players can deposit and gamble, at least without providing further documentation.
These checks lay the foundation to the next layer of the compliance onion, namely Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT). It is absolutely paramount that operators have ways to monitor where and how money both arrives and departs the accounts of players so that they are able to ensure to the highest possible degree that their services are not used to launder money, transfer it to nefarious actors or used for other illicit activities. Then we must consider matters which concern users indirectly, such as marketing. Considering how visible and prominent gambling advertisement is for example in sporting events and broadcasts, it might even be surprising to somehow strictly where, when and how gambling companies can advertise their services is actually governed.
RESPONSIBLE GAMBLING And fi nally, the big one – responsible gambling. This is and will continue to be a hotly debated topic as long as gambling exists, and one could argue that having conversations around this topic is a very good thing. Self-exclusion, limits that we already mentioned and timed reality checks are all
there to protect everyone, especially the potentially more vulnerable individuals. There is a reason why it is called a ‘compliance framework’, as it quite literally frames everything the casinos do.
But wait, there’s more!
Ask any customer service representative and they will tell you that not a day goes by without them seeing a complaint from an unhappy punter saying that the games are rigged, the Return To Player (RTP) percentage is manipulated, and the casino can just turn the taps off whenever they wish to see this particular individual lose. Despite the popularity of this gripe, this is based solely on the lack of knowledge of how strictly scrutinised the game providers and the development process of a game really are. Using the UK as an example again, the Licence Conditions and Codes of Practice (LCCP) not only gives guidelines on the already mentioned matters, but it also gives strict rules on what the games can and cannot do.
Any game which relies on a Random Number Generator (RNG) to determine the outcome of a gaming round must undergo rigorous testing of millions upon millions of rounds conducted by an independent accredited testing laboratory. In many countries only the regulatory body can provide this accreditation to a laboratory, making the oversight even tighter.
Game providers also need a specifi c license depending on how they deliver their games to operators. And don’t even get me started on security and other audits, staff training,
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Information Security Management System (ISMS) frameworks and the rest of it.
EDUCATING THE PUBLIC
At this point you might be wondering, what about casinos who operate without a license or a license which does not have such high standards? This is where educating the public about the dangers of unlicensed casinos, what kind of license casino holds and what legal protection you have when using licensed online casinos in comparison to choosing an unlicensed one. This is the social responsibility which all operators and everyone who works in the industry have towards the general public.
There are of course unlicensed casinos who choose to follow regulations and for example offer player protection options from the goodness of their hearts, but this is not something that players should rely on. If there is no reputable licensing behind a casino, you are always more or less at the mercy of the operator and their Terms and Conditions.
If you operate in this wonderful industry and this is something that causes you a headache, what can you do? Your best bet is to fi nd a trusted compliance partner who has the experience and expertise to cover you from every angle. Why don’t you, for example, come and chat to BetComply on stand SG2 at ICE Barcelona.
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