Compliance is undoubtedly the most significant issue currently driving the gaming industry. Regulatory changes in many European countries require companies to address this issue as quickly as possible – the right technology partner is crucial.
Industry expert Peter Murray has more than 13 years of experience in the gaming industry and is familiar with many different solutions. With his extensive knowledge, he has compiled a list of the most important features and benefits of a reliable partner to help you make the right decision.
1. Due Diligence
In the context of due diligence, experience is usually a key factor in purchasing decisions, but what about new or untested technologies? While a product or service may be new, the provider behind it should have the necessary expertise.
2. Honesty and trust
Honesty and trust are essential when dealing with service providers, but how do we find this in an industry that is not yet fully developed? Start with the question “Where are the gaps”?
There is one universal truth in the world of compliance solutions, and that is There is no miracle cure. If you start from this premise, then you are looking for a partner who will inform you openly and honestly about the strengths and weaknesses of the solutions presented. He should help you show what you can do to minimize risks and describe where you can work with them. Not only will you meet the requirements, but you will also raise the bar for your compliance responsibilities.
Security is often overlooked when discussing technological advances – yet it is absolutely critical to your business. As RegTech is developing at a rapid pace, data security and privacy protection will be a strong focus of your regulatory authority. This is crucial for your most valuable asset: your customers. Make sure that it is crystal clear how much security your RegTech partner offers your company and your customers. It will be a distinguishing feature.
No matter if start-up or traditional provider: What will ultimately lead the RegTech solution to success is not the idea, but the implementation. So ask critically how your service provider will ensure in detail that he keeps his promise.
5. Talk to the regulatory authorities
Certainly, this is not an approach chosen by many, but let’s be honest: it is the regulators and their acceptance (tacit or not) that will play a major role in ensuring the ultimate success of your compliance approach. So, what could be more reassuring than having a regulator to support you in what you do.
6. Global scalability
Compliance is by far the most costly and complex part of a gambling business. As competition intensifies and you try to enter new and exciting markets, the cost and complexity will only increase. This makes it all the more important to have a solution that can be easily adapted to different regulations and legal situations.
The selection of a RegTech partner is business-critical. It is worth making the decision with the necessary care because, with the right solution, the entire business operation can become much more efficient, profitable, and sustainable.
Check out our Guide: Gaming KYC to learn more about the new gaming regulations.