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Compliance Updates

Reg-tech – Easing the burden on compliance teams

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Reg-tech – Easing the burden on compliance teams

 

Greg Ponesse, Chief Revenue Officer at Compliable

The year is coming to an end, and we can look back at an interesting 12 months that have seen the US betting and gaming landscape further expand into three new states, Vermont, North Carolina and Kentucky.

The American Gaming Association (AGA) recently released numbers that showed commercial gaming revenue was boosted in Q2 of 2023, hitting a record of $16.07bn. The impressive results marked the 10th consecutive quarter of growth for the industry.

Yet, some operators have had to navigate through choppy waters, with news stories from the last 18 months including Churchill Downs, MaximBet, PlayUp, Fubo, FOX Bet and WynnBet closing or pulling out of states as they struggle with profitability.

Sports betting, the main legalized vertical in the US, is such a low margin business that the ability to save money anywhere in operations is so important. Competition is extremely high, and the sports betting markets in the majority of legalized states have been dominated by a handful of behemoths such as DraftKings and FanDuel.

While these operators have large compliance teams to cope with the fragmented regulatory landscape that exists across states in the US, smaller to medium-sized companies have fewer resources to handle ever-changing regulations while also preparing for new states opening up.

Historically, if not handled by an internal team of compliance staff, regulatory issues were simply given to outside counsel with their associated high legal fees. Furthermore, overstressed smaller compliance teams leave room for mistakes as a result of human error which can lead to large regulatory fines.

The number of reg tech solutions now available in the gambling space can be hugely beneficial and can drive down costs in a number of ways, with one of the major advantages being that companies can benefit from compliance work that is being done in one market across similar jurisdictions.

Despite a lack of common regulatory approaches in legalized US states, there are still many similar obligations, and with technology, the process to complete these tasks can be automated. Licensing of employees and reporting of revenues or other data are common compliance duties that most regulators require. This type of requirement can easily be handled by technology rather than employees, significantly increasing efficiency, and freeing the team to focus on higher level problems which can be critically important when launching in new jurisdictions.

Simply put, reg tech allows a smaller team to operate with the same skills and efficiency as a much larger team and can help cut costs while still maintaining operational compliance.

Even if fewer US markets are currently opening up compared with a few years ago, successful gambling operators and suppliers are targeting multiple states at a minimum. We have passed the point where any one person can be an expert on every gambling jurisdiction’s requirements and tech is a necessary component to help manage the processes.

As 2024 is approaching, we will see further regulatory developments in the US betting and gaming space and more consolidation cannot be ruled out as operators grapple with being profitable in a hyper competitive sector.

Reg tech can play an important part, cutting costs while streamlining and simplifying processes and procedures, helping operators to succeed in the exciting US market.

Compliance Updates

Pace-O-Matic Wins Landmark Texas Court Case: A Victory for Small Business Owners and Community Organizations

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Pace-O-Matic, the industry leader in skill-based games, today announced a significant legal victory in Texas, affirming the legality of its skill-based games. This ruling, issued Tuesday evening by State District Judge Laurine Blake, emphasized that such games are not considered gambling under Texas law. The ruling represents a triumph for small business owners, bar owners, and fraternal organizations who rely on these games to attract customers and support their businesses.

Michael Barley, Chief Public Affairs Officer at Pace-O-Matic, stated, “This ruling is a monumental victory for the small businesses and community organizations that have been able to thrive thanks to skill-based gaming. Our commitment to providing legal, enjoyable, and skill-based gaming options has once again been validated by the courts.”

This legal win underscores Pace-O-Matic’s dedication to fostering a responsible gaming environment while supporting local economies and community groups.

For more information visit Pace-O-Matic

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Compliance Updates

NJDGE Closes its Investigation of Evolution AB with No Further Action

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Evolution AB has been informed by the New Jersey Division of Gaming Enforcement (NJDGE) that it has conducted an investigation into allegations of misconduct by Evolution AB and that its investigation has been closed with no further action taken.

In November 2021 the NJDGE received a report prepared by an unidentified firm alleging misconduct by Evolution AB. Following receipt of the report, the NJDGE commenced a thorough investigation into the allegations to determine their validity.

The NJDGE found no evidence that Evolution sanctioned, promoted, permitted, or otherwise materially benefitted from its content offered by operators in any market that the NJDGE considers a prohibited jurisdiction.

Evolution also conducted an internal review, while concluding that its due diligence and compliance processes were sufficient, Evolution took the opportunity to enhance its processes. The NJDGE supports the enhancements that Evolution has made. The enhancements did not relate to any jurisdictional violations.

The NJDGE’s investigation into this matter is closed requiring no further action.

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Compliance Updates

Supremeland Gaming Moves into the United States Gaming Market After Gaining Landmark Approval in Pennsylvania

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The innovative brand is set to pave the way for unprecedented gaming excellence and innovation in ‘The Keystone State’

Supremeland Gaming Incorporated (Supremeland Gaming), the dynamic and innovative iGaming challenger, is thrilled to announce the attainment of its first-ever gaming approval in the United States, marking a significant milestone in the company’s expansion strategy. The studio has received official interim authorization from the state of Pennsylvania, a key market for the gaming industry in the United States.

The approval allows Supremeland Gaming to operate in the state of Pennsylvania and propels it into a new era of opportunities and growth on the global stage. The brand is set to unveil multiple explosive titles in the coming months designed by the in-house design studio Powderkeg with an unwavering commitment to delivering unparalleled entertainment experiences.

“Securing our first United States gaming approval in Pennsylvania marks not just a milestone, but a testament to our commitment to innovation and the limitless possibilities that lie ahead,” the Executive Chairman for Supremeland Gaming, Johan Apel, said. “With ‘The Keystone State’ as our gaming canvas, we eagerly anticipate transforming the landscape, pushing boundaries and creating immersive experiences that resonate within this new American base.”

With a team of skilled developers, designers and storytellers, the company is committed to delivering games that will captivate audiences and establish Supremeland Gaming as a prominent player in the United States iGaming industry.

“We are thrilled to have obtained our first approval in the United States and we couldn’t be more excited to introduce our titles to the American iGaming community,” the Chief Executive Officer for Supremeland Gaming, Rickard Ohrn, said. “This is a momentous occasion for Supremeland Gaming and we are eager to contribute to the vibrant gaming culture in Pennsylvania and beyond.”

For more information, visit Supremeland. io.

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