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Boris Pashnev is the CEO of Alpha affiliates
Globalizing an iGaming company opens up a world of possibilities for growth and expansion. Along with new markets, opportunities and challenges, come the complicated regulatory landscapes in different countries. Businesses must be familiar with the international legal frameworks, and they should also understand regulatory issues. It is easier to say than do.
Alpha Affiliates, as a company that works closely with iGaming companies, has first-hand experience in expanding within the new regulatory landscapes. Alpha Affiliates has helped iGaming brands and operators grow their business and adhere to the laws in different jurisdictions. In the past year, we’ve successfully expanded our business to new geographic markets including France, Italy. Belgium, Greece. Norway. Slovenia, Slovakia and Hungary. The expansion of our business not only increased our global reach, but also provided a better gaming experience to iGaming fans around the world.
Many aspiring iGaming companies are hoping to expand globally. How can businesses navigate the new regulations that come with expanding their business internationally?
Prioritize regulation in your team’s work
Regulations are the cornerstone to a global business strategy in the iGaming industry. It’s not just about complying with regulations, but building a sustainable and reputable business. This mindset is the only way to launch a successful iGaming company and gain long-term support and trust from both regulators and customers.
You’ll be successful if you make regulation the foundation of your business. For any CEO, the first step is to consult the regulatory experts and put together a compliance team that can advise and manage the regulatory landscape of the region where you want to expand.
In the case of licensing for example, operators can seek the assistance of their own legal departments to ensure that the licensing requirements are met and corporate structures are properly set up. They can avoid making mistakes by ensuring that their new operations are compliant with the guidelines.
Operators can ensure that their operations are compliant with regulatory guidelines in new regions by having a team dedicated to regulation.
Be flexible and open to new frameworks
It’s part of the progress that regulations are constantly being reviewed and changed to better serve and protect consumers and businesses.
Curacao recently passed a new regulation called the National Ordinance for Games of Chance (LOK), which included new requirements for fraud prevention, anti-money laundering and player protection. LOK’s framework change brought about new changes, which in turn brought with them new considerations that iGaming providers had to consider. Operators were required to review and adapt the way they disclosed certain information, protect data, and address anti-money-laundering, privacy measures, and monitoring tactics.
In order to create a more safe and responsible environment, licensing fees have also been increased. The licensing process has also changed. Gaming Control Board (GCB), opened the new licensing site on September 1, last year. iGaming firms had two options: either they could apply for new licenses, and adhere to the LOK regulations, or they could register as sublicensees.
This is an excellent example of the rapidity with which things can change and how important it is to be flexible and adaptable when expanding to new regions. It’s crucial to stay ahead of the game by conducting regular regulatory assessments. You should also budget for possible increases in licensing fees, and create flexible systems which can adapt to changing requirements.
Create a regulatory road map for each market that you enter and operate in. Include the current requirements as well as any anticipated changes. Also include your strategy to address them.
Prioritise player safety
Keep in mind that international authorities or regulators will be looking to ensure that the protection of players is not just met but given priority. Responsible gaming is not just a requirement for regulators, but also a necessity for business.
It is important to ensure that your operation develops comprehensive responsible gaming policies. These should include self-exclusion programs, session time limitations, and staff training on identifying and addressing problematic iGaming behaviors.
Alpha Affiliates encourages users to be conscientious by offering a safe, organised platform for advertising their products. We ensure that responsible gaming is maintained in all of our services and adhere to regulations. We only expand into regions where iGaming has been properly regulated.
Consider how you can better protect your players. This will be the number one concern of regulators around the world. Players who wish to regulate their gambling habits can take advantage of industry-standard controls. This includes applying different limits to losses, bets and deposits. We also display reminders about the time spent at a casino, and encourage players to take a break and cool down. I would encourage other operators do the same.
Take your time and lay the foundation
A well-planned and well-researched strategy is essential to launching abroad successfully. This also takes a great deal of patience. It will take time to lay the foundation and “get your ducks in order”.
Early start is key. Regulation is an important aspect of international expansion that can’t be rushed. This can make the difference between a successful business and a failure. Due diligence is required to make sure all licensing requirements are met and that all documentation is in order.
Businesses can achieve global growth by carefully crafting and implementing a strategy that puts regulations first. In the iGaming industry, where strict regulations are a must, operators should make them the basis of their business. It may seem difficult to expand internationally, but the right approach can help operators take advantage of the opportunities that exist in new markets.
