iGaming popularity exploded during the pandemic, as many traditional businesses stepped into the online market. Sports betting in particular has made great efforts to migrate online with 45% of sports wagering now taking place via the internet.
Authorities across the world, particularly in Europe, have become concerned with the potential impact of easily accessible gambling and are therefore strengthening regulations to protect players.
Singapore starts sentencing
MHA makes operating illegal gambling services jailable
The Singapore Ministry of Home Affairs (MHA) is planning to amend gambling legislation, with strict new penalties targeted at emerging gambling technologies, particularly products that blur the boundaries between gambling and gaming.
The MHA is responsible for national security and public safety, something it intends to underline with harsh new regulations intended to punish companies that repeatedly flout compliance requirements. An operator of an illegal gambling service for example could face not just fines of up to $500,000, but seven year’s imprisonment. The authority will also look to impose a $100 cap on mystery boxes, arcade games and claw machines as part of efforts to regulate gambling activity in gaming type products.
Sweden lengthens restrictions
Government extends deposit caps amidst industry criticism
The Swedish government has extended measures originally put in place to protect players during the coronavirus pandemic. The restrictions include a SEK5,000 or €491 deposit cap, to be held in place until at least the 14th of November.
These measures were only due to last until the end of 2020 so compliance professionals would be wise to keep abreast of coronavirus based uncertainty. The Swedish Gaming Authority is calling for clarity on these measures, in order to best advise Swedish operators on compliance requirements.
Spanish Sportsbook gets stricter
Ministry for Consumer Affairs whittles incentives down to bans
Initially sportsbook seemed to have escaped the strengthening restrictions seen across other forms of Spanish gambling but it seems that new regulatory requirements will be imposed.
In addition to coronavirus regulations the Authority has continued to instigate new compliance expectations for Spanish operators. Restrictions on marketing strategies have continued to tighten through out 2021 and will end in a blanket ban on gambling advertising before 2022.
In addition, the original proposals for stricter regulation of sponsorships became a complete ban on sponsorships, while a €100 bonus limit turned into an outright ban on new player incentives.
UK Gambling uncertainty
The Gambling Act Review will bring new challenges
Whilst we are still waiting for confirmation of what will be amended, the UK government has released a detailed overview of what they plan to investigate. The potential for largescale change to the Gambling Act 2005 has kept the industry on its toes as compliance departments gear up for the changes ahead.
The UKGC in particular will likely be given more resources and powers in order to scale up to enforcement challenges presented by new requirements, something countries around the world will take note of. The Commission often leads the compliance field worldwide, so all verticals should be aware that many countries will follow suit.
Companywide compliance challenges
Attention to detail will keep operators ahead of the compliance needle
With compliance requirements becoming ever more stringent and demanding, companies will need to prioritise their compliance departments to support sustainable growth. A strong compliance team backed by intelligent training systems will ultimately keep operators on the clear side of the ever moving regulatory requirements.
The cost of compliance professionals is continuing to rise in accordance with the demand created by more stringent regulations, as much as 20% in senior roles, meaning that businesses must focus their efforts efficiently, to best support key compliance personnel.
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