ISOFTBET
Committed to compliance
Mark Halstead, Compliance Manager at iSoftBet, explores the opportunities and challenges of entering newly regulated markets.
T
he gaming industry has a short but battle-scarred history of working in regulated, regulating and newly regulated markets. It has allocated extensive manhours and resources, not
to mention spent large sums of money on legal bills, lobbying, taxation, staffing, partnerships, licensing and compliance and marketing. The bonus to being compliant, investing in compliance, and working closely with regulators, however is that if you are prepared to work within the boundaries of the process and are persistent, but remain patient, then the rewards of working in regulated markets can far outweigh the costs involved.
Reasons to enter regulated markets
The importance of regulated markets and earnings has shifted significantly in recent years with investors, customers and new prospects today all looking to invest and work with partners that have quality products and a presence across the most stable, mature and profitable regulated territories. As a premium games developer and software provider, we pride ourselves on always being the first, or among the wave of pioneering firms to enter regulated markets. If you are to succeed in
regulated markets it is imperative to be totally committed to compliance. We have an experienced team on hand 24/7 to manage all our regulated market activity, ensuring they work closely with local regulators and stay abreast of any changes to market conditions anywhere in the world.
As a supplier, iSoftBet has three gaming
licences in the UK, Alderney and Romania, while we are certified and have game certifications for all our games and products across 15 regulated markets, adhering to strict gaming standards in each one. We are also in the process of finalising certification in Malta, Sweden, the Czech Republic, Bulgaria and Colombia.
Regulated market essentials
Mark Halstead is the Compliance Manager at iSoftBet where he ensures regulatory compliance is firmly embedded within the development and delivery of the company’s product portfolio. He plays a leading role in securing licences for iSoftBet in multiple regulated markets including the UK, Alderney, Italy and Romania to name just a few.
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he ory rmly n t
To ensure we adhere to local licensing and regulatory rules all our 150 table and slot games, as well as our GAP content aggregation platform, must be certified by an independent testing lab. The principal challenge of regulated markets is that every country has an entirely different framework, taxation regime and requirements. This being the case means companies must adapt and localise their products to each regulated market. Sweden, for example, that plans to open a new regulatory framework on January 1st 2019, has marketing restrictions stating that brands are only allowed to offer a one-time customer welcome bonus. This effectively ends the era of daily specials and collecting loyalty points for cash bonuses and free spins. As a result, many casino suppliers and operators will have to tailor their games accordingly. If they don’t, they could fall short at the certification stage and, potentially lose valuable ground that competitors will all too willingly swallow up in their absence. The key is to invest in and
employ the right talent to understand all the regulations in place at the time of applying for a licence or certifying games. We undergo a thorough and rigorous
process when doing this, particularly when looking at documents in a native language. Certain terms can often be misconstrued, and this can lead to disastrous consequences if not managed properly.
Looking to new horizons
We are constantly exploring which markets are regulating or looking to regulate and have identified four key markets that are opening or will soon open. Sweden, regulating on 1st January 2019, will be the first, however, of the 55 applications received to date, many are said to lack the required level of information and delays could occur with some operators said to be uncertain as to the interpretation of terms used in the new regulations. Focusing on detail is essential when approaching new markets and you should always go in over prepared. Elsewhere in Europe, we are actively
approaching the already open Czech Republic where we are in the process of certifying more than 30 games, as well as Bulgaria which is at an earlier stage. Lastly is Colombia where we are certifying a mixture of table and slot games, while also working with a local brand partner that is applying for a licence. With new legislation, new technology and
new powers enforcing laws and the legal process, the entry into and management of regulated markets is a relentless but equally rewarding process, and we wouldn’t have it any other way.
NOVEMBER 2018 61
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