The panel, Responsible Gaming Regulation: A Global Perspective took place on the first day of SiGMA CIS & Balkans conference in Cyprus. Here are some of the key takeaways from panellists Kapil Dhiman, CEO of MetaStudios, Elisabeth Isaksson, Head of Regulatory and Compliance for Soft2Bet, Genia Gurevich, the Head of Gaming Group for Porat Group, and David Yatom Hay, General Counsel for Soft2Bet.

The conversation kicks off with a look at the cultural nuances affecting the regulatory landscape. 

David Yatom Hay, General Counsel for Soft2Bet, suggests that in countries where gambling is very much embedded in the culture, where there is a long history with the industry, such as the UK, there is an opportunity for the regulators and for people within the industry to make sure anything that is regulated, that  relates to the gambling culture as a whole is much more substantiated from new regulations.

What should we be looking for in a regulatory checklist, asks CEO for MetaStudios and moderator Kapil Dhiman. 

Elisabeth Isakksson, the Head of Regulatory and Compliance for Soft2Bet, believes that ‘having a solid licensing system is to our benefit and ensures we can continue to operate within that country long term.’

She goes on to emphasise that we should be looking at whether ‘the gaming regulation is something we can work with, and, whether it works for players as well.’

Denmark, she says, is a good example. “The country has a long relationship with the gambling industry, a good regulatory framework, and a good understanding of the industry. It knows how to regulate and supervise the industry. 

“Unfortunately however, in some countries we see political influence when it comes to regulation, and not a great understanding of how the industry works or what the player wants.”

Genia Gurevich, the Head of Gaming Group for Porat Group also offers his two cents. He believes that there is a little bit of both factors involved when it comes to influence – with cultural differences and political forces contributing to the ecosystem.

“I do see cultural differences between established cultures that have gambling entrenched in their culture, like Asia and the UK – we also see new regulation in Ontario, and increasing regulation in the US – where they have their own affiliate licensing regime to market their services to operators.

We’re also seeing that Curacao, for example, has experienced a little bit of turmoil and that operators are seeking alternatives, operators are certainly looking for different things.

Seeking a global standard

Elisabeth hopes that we will see a standardisation of operations in the future. 

“It makes it easier for businesses to adapt to regulatory requirements to build a product that is coherent between jurisdictions. It also eases the burden of development when going into new jurisdictions – as well as the burden on operational teams when it comes to learning new procedures.”

When it comes to responsible gambling there are some core elements, and they don’t differ too much between cultures in terms of protecting players, she explains. Key tenets include having proper safeguards in place and knowing how to detect patterns that are more accurate and having tech controls for players, like deposit limits.

“I think it’s better when we don’t see too much creative input that isn’t based on proper research – I do think that regulators look at each other and learn from each other and they see what has worked in the past.”

David also agrees, saything that there are self standards you can implement in any regulations, although there are cultural differences where you might need to adjust one element, from one regulation to another. You see this is pretty much widespread across the whole industry, he says. 

“If regulators copy this and create standardisation when it comes to the product itself, that would be great.” 

Creating a standardisation is obviously important, he goes on to say, but it’s also important to know that when having built the standard there could be differences. A framework is good.

Economic benefits of more streamlined gaming regulations

“Once the US started regulating gaming their revenue grew exponentially. We saw more players acting in the right way. It set the market standard. It sets a good example, everyone will try to match that. If everyone is working on the same level, collectively as one industry – it benefits everyone. Regulators are less keen on imposing harsh restrictions and it allows operators to work with some leeway, concluded Genia Gurevich.”

Head to SiGMA Cura?ao this September

Less than 3 weeks away SiGMA Curacao will be held from the 25 – 28 September at Europe’s first integrated resort, City of Dreams Mediterranean. The event is hosted by the Ministry of Finance in association with SiGMA Curacao

Don’t miss this exclusive opportunity to be part of SiGMA Curacao, where you can gain valuable insights into the new gambling legislation, explore the thriving iGaming industry, and connect with key players in Curacao. Check out all the details here.

Register here to secure your place at this landmark event.