How Compliance Opens the Door to Expansion
As the gaming industry evolves, new ideas are born every day to solve a challenge or to simplify a process, just as new games are created to satisfy a market, create a new market or to merge various market verticals. Each situation represents the first steps into entering a regulatory environment.
During the last two years, we have seen how jurisdictions have advanced and expanded gaming verticals to attract new sources of income, investment, and employment. This time there was a difference – in addition the urge for innovation, a need for quick implementation was added into the mix.
This is where technical compliance becomes the hand that opens the door. Every jurisdiction has diverse technical requirements, restrictions, public policy, laws, and regulations. There’s not a one-size-fits-all formula to enter all markets, but there is a way of adapting to each one. This is where the importance of technical compliance teams comes in. The teams can help in many different ways:
- Best practices – A highly skilled technical compliance team will offer expertise and critical insights from different markets to help with the planning and development of products, requirements, and regulations.
- Technical requirements – All major gaming verticals need to follow a set of standards that can be tested, reviewed, and produced with the reporting necessary to address the goals of every jurisdiction and protect all the players involved in that industry. Their inclusion in any regulatory process is part of the key to success that will attract investment and will diversify the offer on a level that will bring confidence and credibility.
- Training – Learning should never stop. As technology changes day-to-day, the need to gather the necessary information and knowledge base is key in maintaining and promoting the development and growth of the gaming industry. Technical compliance teams need to acquire that knowledge and evaluate the changes needed to adapt, transform, and secure the operations of their industry.
- Advice – Technical compliance teams offer opinions on proposed legislations, regulations, processes, and even problem solutions while maintaining independence and providing a guide that best adapts to the jurisdiction’s requirements, public policy, and current laws. Many of the opportunities or concerns within government processes to promote changes in the gaming industry could benefit from the feedback received from technical compliance teams. Their thoughts will guarantee the best way to obtain the goals presented.
- Comprehensive testing – From that first concept to the final product, testing can be applied to identify if the idea has the potential to comply, and to detect the changes needed. Examining different areas of a product in development is necessary to validate its conformity. The complete testing, audit, and certification of the product ensures product compliance.
Now that you know how to start, you need to understand that compliance is not just a single step. Compliance is an ongoing process that requires constant learning, audit, review, and new implementations. It must move at the same pace technology evolves. This process guarantees that you always protect the customers, jurisdiction, and the operator.
GLI has been the leader in the development, transformation, and evolution of many of the major jurisdictions around the world with the help of our technical compliance team and the resources we offer to all gaming sectors. So, as we open a door for you to understand and comply, we not only assist on that first step, we walk with you through the journey.
– José Carlos Figueroa-Troche is GLI’s Caribbean Government Relations & Business Development Representative
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