Is problem gambling becoming something of a public health emergency? This is the question on everyone’s mind in the iGaming industry, and to be completely frank – we need to take it seriously.
Look at the UK, and you’ll find that the Gambling Commission has, over the years, been gaining ground when it comes to its regulatory reach. This probably comes as a direct result of a fair, few well-documented issues across the industry – specifically surrounding problem gambling, insufficient anti-money laundering measures, and rising concerns about underage players – none of which have been properly squashed yet. Because of this, stricter legislation is more than likely on the horizon. Responsible gambling and serious regulation aren’t just expected, but mandatory for any iGaming business looking to compete and succeed in the long-term. Improved player protection measures and quicker, more effective detection of addictive behaviour patterns is at the very top of the priority list, with tighter regulation surrounding anti-money laundering measures also at the centre of the discussion globally.
The biggest industry names are sitting up and paying attention to these new regulatory demands, investing significant resources and budget in a bid to not only meet these challenges head-on, but surpass expectations to boot. The issue remains, however, that changes to gaming regulations are coming hard and fast, with most industry players struggling to keep up.
Finding the balance between compliance and customer experience
So, the real question is, are your systems robust yet agile enough to keep up with these regulatory changes? How will this impact your most loyal customers and VIPs? Industry leaders do place a premium on compliance, but they also must meet and anticipate changes without compromising on customer experience. iGaming companies need to maintain a compliant, frictionless, efficient experience for their genuine players, but actually getting there using a manual approach or legacy systems in this dynamic regulatory environment is becoming more difficult every day. Future-proofing your business is more important than ever before, so try and invest in the latest technology early on in the game.
First, up the ante and identify at-risk players ASAP with behavioural monitoring. You’ll be able to provide support earlier on, and when it comes to anti-money laundering measures, it’ll allow you to hone in on suspicious behavioural patterns on a granular level. Next, look at ways to effectively leverage technology to drive change and meet ever-changing industry demands. You might need to overhaul your legacy systems first, but there are a whole host of modern solutions available to keep you ahead of the game.
Work smarter with automated transaction monitoring
ComplyRadar utilises a full risk-based approach to eliminate disruption to genuine customers, detect potential criminal or problematic behaviour, and demonstrate full ongoing compliance. It sends you notifications on the transactions that matter and enables you to automatically apply a full-pattern analysis to instantly see suspicious transactions in real time. You can then manage flagged transactions through a comprehensive, fully audited review process leading to the closing of a case. For more information on how ComplyRadar can help you maintain the right balance between stringent regulation and customer experience, contact us today.